S&P Global Ratings (“S&P”) assigned its ‘AA+’ long-term and ‘A-1+’ short-term issuer credit ratings with a stable outlook on New Development Bank (“NDB”).

In its press release S&P stated, “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 assessed NDB’s business profile as strong and financial profile as extremely strong reflecting its robust capitalization and ample liquidity. S&P acknowledged robust shareholder support as a key rating factor underpinning its assessment of NDB’s strong business profile. S&P assessed NDB’s risk management policies as sound and similar to its highly rated peers.

S&P press releases are available here:

• New Development Bank ‘AA+/A-1+’ Ratings Affirmed; Outlook Stable (February 28, 2020)
• New Development Bank’s Proposed Euro Medium-Term Note Program Rated ‘AA+’ (December 9, 2019)
• New Development Bank’s Inaugural Euro Commercial Paper Program Rated ‘A-1+’ (March 11, 2019)
• New Development Bank ‘AA+’ Ratings Affirmed On Criteria Revision; Outlook Stable (February 27, 2019)
• New Development Bank Assigned ‘AA+/A-1+’ Ratings; Outlook Stable (August 29, 2018)

Fitch Ratings (“Fitch”) assigned New Development Bank (“NDB”) a Long-Term Issuer Default Rating (IDR) of ‘AA+’ with a Stable Outlook. Fitch has also assigned NDB a Short-Term IDR of ‘F1+’.

Fitch stated in its press release that NDB’s AA+ rating is driven by the intrinsic features, based on Fitch’s long-term projections. Fitch considers NDB’s capitalization as “excellent” and risk profile as “low”. Fitch assesses NDB’s risk management policies as “strong”, mainly reflecting the bank’s self-imposed prudential rules, primarily on the capitalization and liquidity fronts.

Fitch press releases are available here:

• Fitch Affirms New Development Bank at ‘AA+’; Outlook Stable (July 29, 2020)
• Fitch Assigns New Development Bank’s Euro Medium-Term Notes Programme ‘AA+’ Rating (December 13, 2019)
• Fitch Affirms New Development Bank at ‘AA+’; Outlook Stable (July 31, 2019)
• Fitch Rates NDB’s ECP Programme ‘F1+’ (March 6, 2019)
• Fitch Rates New Development Bank ‘AA+’; Outlook Stable (August 3, 2018)

Japan Credit Rating Agency, Ltd. (JCR) assigned ‘AAA’ long-term issuer ratings with a stable outlook to the New Development Bank (“NDB”).

In its press release, JCR stated that NDB’s ‘AAA’ rating is based on its assessment of the strong support which the Bank enlists from its members, including its status as a preferred creditor, and the Bank’s stand-alone credit strengths such as its strong capital base and conservative approach to risk management.

JCR press release is available here.

Analytical Credit Rating Agency (JSC) (“ACRA (JSC)”) assigned ‘AAA’ rating, outlook Stable, under the international scale and ‘AAA(RU)’, outlook Stable, under the national scale for Russia to the New Development Bank.

ACRA stated in its press release that the credit rating assigned to the NDB is primarily based on its very strong intrinsic financial strengths that stem from strong capital adequacy, a strong risk profile, strong liquidity and funding, as well as its systemic importance to the shareholder founding members that enhances the quality of commitments.

“The Bank’s management quality, strategy, and operational transparency are strong,” stated the rating agency.

ACRA press releases are available here: