ACRA affirms the credit rating of NCC Clearing Bank at AAA
Analytical Credit Rating Agency (ACRA) affirms the credit rating of NCC Clearing Bank at AAA(RU), outlook Stable, according to the ACRA information uploaded on its website on the 24th of October 2017.
As it is mentioned in the ACRA report, the credit rating of NCC Clearing Bank is based on bank’s strong and stable business profile, exceptional liquidity position and high capital adequacy, with the latter compensating for the risk profile. The rating is additionally supported by NCC’s critical systemic importance for the Russian financial market.
ACRA notes high corporate governance and risk management standards implemented at NCC Clearing Bank enabling it to perform activities with the minimum accepted risk relative to the scope of transactions. Based on its assessment, ACRA expects that change of the NCC Clearing Bank’s status from a bank into a central counterparty in form of a non-banking credit institution by the end of 2017 will not result in deterioration of standalone creditworthiness of the Bank, while the quality of regulatory control will stay the same. The Stable outlook assumes that the rating will most likely stay unchanged within the 12 to 18-month horizon.
Alexey Khavin, Chairman of the NCC Board says: “Assignment to NCC Clearing Bank for the second time the highest ACRA credit rating is an independent and qualified recognition of our persistent efforts aimed at improving risk management framework of the organization, which plays a key role of central counterparty in the Russian financial market. It is for us also an additional conformation that we have created a correct model of risk management and clearing, whiсh are persistently being developed, soaking up best international practices, and providing extra comfort to our clients – clearing members and grounds for their confidence in the market infrastructure supreme reliability”.
ACRA assigned NCC Clearing Bank credit rating for the first time in October 31.2016. Fitch also assigned NCC Clearing Bank its ratings, two of which : Long term Issuer Default Rating local-currency at «BBB» and Viability rating at bbb, both one notch above Russian sovereign rating (BBB-).
NCC Clearing Bank , member of Moscow Exchange Group, was established in 2006. NCC renders clearing services and acts as central counterparty in the financial market.
Since November 2009, NCC has been the member of the European Association of Clearing Houses – Central Counterparties (EACH), and since September 2011 the member of the Global Association of Central Counterparties – CCP12.
As of October 1, 2017, the bank’s owned capital and dedicated capital of CCP amount to 58,2 bln roubles.