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Showing posts from March 10, 2019

New Development Bank's Inaugural Euro Commercial Paper Program Rated 'A-1+'

SINGAPORE (S&P Global Ratings) March 11, 2019--S&P Global Ratings today assigned its 'A-1+' issue rating to the newly established US$2 billion euro commercial paper program of supranational organization New Development Bank (NDB; AA+/Stable/A-1+). Under the program, NDB may issue commercial paper up to a maximum outstanding aggregate principal amount of US$2 billion. All notes issued under the program will have a tenor of 364 days or less and constitute direct, unsecured obligations of NDB, ranking equally with all of the bank's other unsecured and unsubordinated obligations. The notes will be governed by, and construed in accordance with, English law.