All news

S&P affirms long-term credit rating on New Development Bank at 'AA+'

The agreement on setting up the New Development Bank by BRICS countries was reached on July 15, 2014

SHANGHAI, February 27. /TASS/. S&P Global Ratings has affirmed its long-term credit rating on the Shanghai-headquartered New Development Bank (NDB) founded by BRICS nations at 'AA+' with stable outlook, according to a statement released by the rating agency.

"On February 27, 2023, S&P Global Ratings affirmed its 'AA+' long-term and 'A-1+' short-term foreign currency issuer credit ratings on New Development Bank (NDB). The outlook on the long-term rating remains stable," the statement reads.

"The affirmed ratings reflect our opinion that NDB will establish itself as a catalyst to reduce the infrastructure deficits faced by its BRICS members. At the same time, we expect the bank to continue to instill sound governance and risk management principles across its operations. This expectation supports our assessment of NDB's very strong enterprise risk profile and extremely strong financial risk profile," the agency explained.

The agreement on setting up the New Development Bank by BRICS countries was reached on July 15, 2014, in Brazil’s Fortaleza. The bank’s starting capital was set at $100 bln. The Shanghai bank was established to finance infrastructure projects and sustainable development projects in BRICS and other developing countries.