On February 27, 2023, S&P Global Ratings affirmed the credit rating of NDB at ‘AA+’ with a stable outlook.
Mr. Marcos Troyjo, President of NDB, said “since our debut rating with S&P in 2018, NDB has consistently been rated at AA+ with a stable outlook. Over the past few years, the Bank has navigated complex challenges including COVID-19 and an evolving external risk landscape. We continued to demonstrate our capacity to deliver on our mandate during these testing times and bolster investment in sustainable infrastructure in our member countries.”
“The affirmation of our credit rating at AA+ is a strong sign of confidence in the credit fundamentals and management principles of the institution. We will continue to make progress towards playing a leading role as a development bank for emerging economies”, said Mr. Leslie Maasdorp, Vice President and Chief Financial Officer.
Mr. Anil Kishora, Vice President and Chief Risk Officer, indicated that the “AA+ rating with a stable outlook accentuates the foresight of NDB’s founding members who embedded strong governance principles in its Articles of Agreement. Risk independence and primacy of strategy have steered the bank well during exceptionally challenging times and will continue to guide us as we partner with our members to deliver on the General Strategy 2022-26.”
The full text of the Research Update could be accessed on the S&P website.
Background Information
NDB was established by the BRICS countries to mobilize resources for infrastructure and sustainable development projects in BRICS and other emerging market economies and developing countries, complementing the existing efforts of multilateral and regional financial institutions for global growth and development. In 2021, NDB initiated membership expansion and admitted Bangladesh, Egypt, United Arab Emirates and Uruguay as its new member countries.