‘Big Three’ global credit ratings agency Standard & Poor’s (S&P) has assigned its AA+ long-term and A-1+ short-term issuer ratings with a stable outlook to the BRICS New Development Bank (NDB).
The AA+ is the rating agency’s second-highest ranking, behind only a AAA rating. “The ratings reflect our opinion that NDB will establish itself as a catalyst in reducing the infrastructure deficits faced by its BRICS members,” S&P said in a press release.
NDB was founded by the BRICS member countries (Brazil, Russia, India, China and South Africa) in 2014 and formally opened in Shanghai in July 2015. The goal of the bank, with an initial authorized capital of $100 billion, is to fund sustainable development infrastructure projects in emerging economies.
Overall, NDB has 23 projects costing $6 billion, including $1.7 billion in China and $1.8 billion in India. Each member country has a 20-percent shareholding and voting rights.
This post originally appeared on SOTT.net