Financial services company, Standard and Poor’s (S&P) has ascribed an ‘AA+’ long-term and ‘A-1+’ short-term issuer credit ratings on the New Development Bank (NDB).
S&P released a statement saying that the ratings mirror the agency’s opinion. The BRICS bank will establish itself “as a catalyst in reducing the infrastructure deficits faced by its BRICS members,” said Standard and Poor’s.
The NDB has been assessed by the rating agency as having a “extremely strong” financial profile. The agency took in consideration the dependable support from the NBD shareholders.
“Today marks a momentous step for NDB towards establishing itself as a premier multilateral development finance institutions” K.V Kamath, President of NDB, on rating announcement.The NDB president said: “Given the scale of our future ambitions, AA+ rating from S&P and Fitch, put the Bank in an exceptional position to mobilise financial resources at competitive rates thereby greatly enhancing our leading capacity to our members”.
The BRICS bank also received the highest AAA rating from Chinese rating agencies – Chengxin international credit rating and China Lianhe Credit rating.