August, 29 2018, 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’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)

August, 3 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 31, 2019)
• Fitch Rates NDB’s ECP Programme ‘F1+’ (March 6, 2019)
• Fitch Rates New Development Bank ‘AA+’; Outlook Stable (August 3, 2018)

August, 20 2019, 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 appraisal of the strong support for the Bank’s operations by the member countries, the NDB’s solid capital base and conservative risk management framework to ensure financial soundness, and the preferred creditor status enjoyed by the Bank. “JCR believes that the NDB will adequately fulfill its role as an MDB set up for emerging countries by emerging countries,” stated the rating agency.

JCR press release is available here.