Fitch Ratings has affirmed National Clearing Centre's (NCC) Long-Term Foreign Currency (FC) Issuer Default Rating at 'BBB-' with a Positive Outlook. The agency has also affirmed NCC's Viability Rating (VR) at 'bbb' and Long-Term Local Currency (LC) IDR at 'BBB' with Stable Outlook – as said in the press-release at Fitch’s web-site.
As said in the report, the affirmation of NCC's VR reflects an exceptionally strong credit profile in the context of the Russia market, based on the entity's intrinsic strength.
NCC has a high resilience to potential losses due to strong risk management and controls, the largely short-term nature of its risk exposures, and robust solvency, which is further protected by extra buffers and a loss cap (with any excess loss to be shared between market participants).
The VR also reflects NCC's strong liquidity, robust performance as well as a counter-cyclical funding base.
NCC's VR and LC IDR are above the Russian sovereign rating of 'BBB-' as the agency believes NCC would probably retain its capacity to service its obligations in roubles even in case of a sovereign default due to its sound risk management.
Full rating report is available at the Fitch Ratings website
