The credit rating of National Settlement Depository (hereinafter, NSD) is based on its strong business profile, strong capital adequacy position, adequate risk profile, and satisfactory liquidity assessment. NSD carries out a large number of functions in the Russian financial market, providing services as part of its activities as the central depository, the operator of a systemically important payment system, clearing organization, financial transaction registrar, and repository.
KEY ASSESSMENT FACTORS
The high assessment of the business profile stems from the importance of NSD’s role in the structure of the Moscow Exchange group and for the participants of the country’s financial system. NSD’s current strategy, developed for the period until 2028, in the context of the main goals and areas of operations, is integrated into the development strategy of the group. NSD’s key strategic priorities, in addition to improving its financial indicators and efficiency, include actions to ensure the reliability, stability and development of Russia’s financial market, including to support and refine settlement and depository infrastructure, broaden and diversify the list of rendered market services.
NSD’s corporate governance system has been constructed taking into account best practices, including international practices that contribute to achieving the effectiveness of management approaches and reducing the likelihood and volume of potential losses in the process of NSD’s activities.
The strong capital adequacy assessment is based on the high level of the equity adequacy indicator and stable profitability. The ratio for the adequacy of the central depository’s equity (N1cd) was 261.6% as of June 1, 2026. The value of this ratio significantly exceeds the minimum acceptable level. The calculation of this ratio takes into account the influence of adjustments related to NSD having blocked assets.
CTI (cost-to-income) and profitability ratios, calculated according to ACRA’s methodology, indicate the high operating efficiency of NSD and support a strong capital adequacy assessment.
NSD’s risk profile is assessed as adequate. The risk management system of NSD is based on a model of three levels of protection, which includes all structural divisions, management personnel and the supervisory board as participants. Internal risk management documents take into account generally accepted global concepts and the requirements of Russian law, and detail the identification methods and methods for quantitative assessment of the main risks characteristic of the activities of NSD. The Agency notes the lower tolerance of NSD to the materialization of systemic, operational, regulatory, and legal risks amid the conditions of a volatile external environment, and also takes into account the increased focus of NSD’s management on controlling these risks.
The presence of assets with restrictions on their use due to sanctions does not affect NSD’s risk profile assessment. The credit quality of other assets, including funds held with the Bank of Russia, Russian credit institutions and investments in securities is assessed as high.
Satisfactory liquidity position assessment. The N15cd central depository current liquidity ratio was 109.8% as of June 1, 2026. In its assessment of the factor, the Agency took into account the high level of coverage of NSD’s financial obligations by highly liquid assets with good credit quality, as well as positive cumulative difference between assets and liabilities across all due dates.
ACRA assesses the potential level of support from the Supporting Entity as high. However, this support is not taken into account when determining the credit rating, given that NSD’s standalone creditworthiness assessment (SCA) is at the maximum level of aaa.
ACRA assumes that NSD is highly important to the Russian financial system as an infrastructure organization that ensures the storage and maintenance of securities, and also carries out functions for settlement services, registration of OTC deals, management of liquidity, and ensuring access to information and technology services.
The Bank of Russia has assigned NSD the status of a systemically important central depository, settlement depository, and a repository according to the criteria of uniqueness, significance for unified state monetary policy, and significance in the financial market. NSD carries out the functions of an operator of a systemically and nationally important payment system.
As part of the Moscow Exchange group, NSD carries out specialized functions for the implementation of priority areas for the development of the country’s financial market. Transferring the functions of NSD is only possible by incurring significant time and financial losses for financial market infrastructure.
ACRA assumes that in the event of a significant decline in the standalone creditworthiness of NSD, the necessary volume of support in the form of capital and liquidity can be rapidly provided by the supporting entity or via the shareholder of NSD.
KEY ASSUMPTIONS
- NSD maintaining its functions and role in the shareholder’s group;
- No change to the shareholder structure.
POTENTIAL OUTLOOK OR RATING CHANGE FACTORS
The Stable outlook assumes that the rating will highly likely stay unchanged within the 12 to 18-month horizon.
A negative rating action may be prompted by:
- Lower importance of NSD to the Russian financial system;
- Significant decline in profitability and operational efficiency coupled with lower capitalization;
- Considerable losses due to the materialization of operational and other significant risks for NSD;
- Deterioration of the liquidity position.
RATING COMPONENTS
SCA: аaа.
REGULATORY DISCLOSURE
The credit rating has been assigned to National Settlement Depository based on the following methodologies: the Methodology for Assigning Credit Ratings to Banks and Bank Groups under the National Scale for the Russian Federation to calculate the SCA and determine the credit rating and the credit rating outlook of National Settlement Depository under the national scale for the Russian Federation and the Key Concepts Used by the Analytical Credit Rating Agency within the Scope of Its Rating Activities to ensure consistent and uniform application of ACRA’s methodologies, rating scales, models, and key rating assumptions.
The credit rating of National Settlement Depository assigned under the national scale for the Russian Federation was published by ACRA for the first time on July 19, 2024.
The credit rating was last published on July 15, 2025.
The credit rating and its outlook are expected to be revised within one year.
The credit rating was assigned based on data provided by National Settlement Depository, information from publicly available sources, and ACRA’s own databases. The rating analysis was performed using the IFRS financial statements of National Settlement Depository as of December 31, 2025 and the financial statements of National Settlement Depository drawn up in compliance with the requirements of the Bank of Russia.
The credit rating is solicited and National Settlement Depository participated in its assignment.
In assigning the credit rating, ACRA used only information, the quality and reliability of which were, in ACRA’s opinion, appropriate and sufficient to apply the methodologies.
ACRA provided the following additional services to National Settlement Depository: data dissemination services from April 8, 2024 to the present.
No conflicts of interest were discovered in the course of credit rating assignment.
