Thomas Murray Affirms the CSD Rating for NDC

LONDON – Thomas Murray has affirmed The National Depository Center’s (NDC) rating at A+, which means low risk. The outlook is Stable.

NDC has made substantial progress over the past year in particular in the areas of financial and operational risk. Financial risk has been strengthened by the increase in insurance coverage to USD 25 million in August 2006 and the increase in capital to RUB 916 million (approx USD 35 million) as at the end of 2006. Profits have also continued to increase with safekeeping fees representing an important portion of the total revenue. In addition, the cost of the new settlement system, has been spread over a three-year period with a large part already having been paid. As a result of these factors the Financial Risk rating has improved from A+ to AA-.

See details in the attachment.

Attachments

NDC Press Release

NDC Rating Report

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