SHANGHAI, Aug. 29, 2018 / PRNewswire / – The agency S & P Global Ratings (S & P) today released a long-term rating to the New Development Bank of BRICS (NBRB) at AA + level and a short-term credit rating of the issuer A-1 + with a stable outlook. Earlier this month, another rating agency Fitch Ratings (Fitch) reported on the provision of the NBR long-term issuer default rating (IDR) at “AA +” with a stable outlook and a short-term IDR rating at “F1 +”.
In its press release, S & P notes: “These ratings reflect our view that the NBR will act as a catalyst for reducing the infrastructure deficit experienced by the BRICS countries.” S & P experts assessed the financial profile of the NBR as extremely stable, reflecting stable capitalization and sufficient liquidity. The agency recognized the strong support of the bank’s shareholders as a key factor underlying the high credit rating of the NBR.
The full text of the S & P press release is available here .
” Today’s day marked a significant step forward for the NBR towards the status of an advanced multilateral financial institution ,” said KV Kamath, president of the bank , commenting on the S & P rating. ” Taking into account our large-scale ambitions, AA + rating from S & P and Fitch provides the bank with exceptionally strong positions to mobilize financial resources at competitive rates and thereby significantly expand our ability of our members in terms of attracting credit. We have every reason to seek the status of an exemplary issuer on the world capital market.This important milestone gives the bank the opportunity to provide customers from the public and private sector with a full range of financial products. Rating AA + from two most authoritative agencies of the world is a recognition of the stable financial profile of the Bank, and also confirms its ambitious plans for future development and well thought out risk management mechanisms. We are proud of such a significant achievement that would not have been possible without strong support from our shareholders. “
The copyright for the document entitled “The new development bank receives ratings AA + / A-1 +” with a stable outlook Stable “of August 29, 2018 belong to S & P. Its text is reproduced with the permission of the copyright holder.
About the New Development Bank
New Development Bank
Sourced from TASS.ru