The status “Rating under review: negative” has been assigned to the credit rating of Central Counterparty “SPB Clearing” (Joint-Stock Company) (hereinafter, SPB Clearing, or the Organization) due to the risks of a decline in the Organization’s operating income because of the impact of events surrounding PJSC «SPB Exchange», including external restrictions on the activities of PJSC «SPB Exchange» and consequent termination of its operations, on the Organization’s activities, as well as due to the need for additional analysis of the impact of these events on the other factors of its financial sustainability.
The current credit rating of SPB Clearing — A+(RU) — is based on its adequate business profile, strong liquidity and capital adequacy positions, and satisfactory risk profile. Since October 1, 2020, SPB Clearing has held the status of a non-banking financial institution — a central counterparty — on the basis of a banking license from the Bank of Russia, and performs clearing functions within PJSC «SPB Exchange».
potential outlook or rating change factors
The “Rating under review: negative” status assumes that the rating may be downgraded.
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Organization losing the ability to fully carry out its operations;
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Deterioration in the Organization’s financial indicators (significant decline in the Organization’s capital adequacy and/or profitability);
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Major losses due to materialization of operational risks;
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Declining importance of the Organization for the development of PJSC «SPB Exchange» given a change in its strategy.
Removal of the “Rating under revision: negative” status and affirmation of the credit rating may be prompted by:
- Restoration of operations of PJSC «SPB Exchange» and maintenance of the Organization’s importance for its further development.
RATING COMPONENTS
Standalone creditworthiness assessment (SCA): а+.
Adjustments: none.
Support: none.
issue ratings
No outstanding issues have been rated.
regulatory disclosure
The credit rating was assigned under the national scale for the Russian Federation based on the Methodology for Credit Ratings Assignment to Banks and Bank Groups 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.
The credit rating of Central Counterparty “SPB Clearing” (Joint-Stock Company) was published by ACRA for the first time on November 16, 2021. The credit rating and its outlook are expected to be revised by July 19, 2024.
The credit rating was assigned based on data provided by Central Counterparty “SPB Clearing” (Joint-Stock Company), information from publicly available sources, and ACRA’s own databases. The rating analysis was performed using the IFRS financial statements of Central Counterparty “SPB Clearing” (Joint-Stock Company) and the financial statements of Central Counterparty “SPB Clearing” (Joint-Stock Company) drawn up in compliance with Bank of Russia Ordinance No. 4927-U dated October 8, 2018. The credit rating is solicited and Central Counterparty “SPB Clearing” (Joint-Stock Company) 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 no additional services to Central Counterparty “SPB Clearing” (Joint-Stock Company). No conflicts of interest were discovered in the course of credit rating assignment.
