credit rating withdrawal rationale
The Analytical Credit Rating Agency (ACRA) has withdrawn the AAA credit rating, outlook Stable, under the international scale and the AAA(RU) credit rating, outlook Stable under the national scale, which were previously assigned to New Development Bank, due to contract expiration. The ratings have been withdrawn without their concurrent affirmation because ACRA does not possess sufficient information to update them.
REGULATORY DISCLOSURE
The credit rating was previously assigned to New Development Bank under the international scale based on the Methodology for Assigning Credit Ratings under the International Scale to International Financial Institutions. The credit rating was previously assigned to New Development Bank under the national scale for the Russian Federation based on the Methodology for Mapping Credit Ratings Assigned under ACRA’s International Scale to Credit Ratings Assigned under ACRA’s National Scales and the Key Concepts Used by the Analytical Credit Rating Agency within the Scope of Its Rating Activities.
The credit ratings of New Development Bank under the international scale and the national scale for the Russian Federation were published by ACRA for the first time on January 23, 2020. The credit ratings will not be revised and disclosed on the dates specified in the Calendar of sovereign credit rating revisions and publications as a result of their withdrawal due to contract expiration. The planned revision date was April 4, 2024, the planned disclosure date was April 9, 2024. The withdrawal date is February 27, 2024. The withdrawal disclosure date is February 28, 2024.
The credit ratings were assigned based on data provided by New Development Bank, information from publicly available sources, and ACRA’s own databases. The rating analysis was performed using the IFRS financial statements of New Development Bank. The credit ratings are solicited and New Development Bank participated in their assignment.
In assigning the credit ratings, ACRA used only information, the quality and reliability of which were, in ACRA’s opinion, appropriate and sufficient to apply the methodologies.
ACRA provided no additional services to New Development Bank. No conflicts of interest were discovered in the course of the credit rating assignment.
