OREANDA-NEWS. National Rating Agency (NRA) has affirmed its 'AA' reliability rating on National Custodial Company JSC (NCC) with a positive outlook. NRA intends to consider a rating action based on its positive outlook depending on the company's 1H 2016 performance. NCC was assigned NRA's first-time 'AA' reliability rating on Dec. 14, 2011. The rating was re-affirmed each consecutive year (the latest rating action dates Feb. 24, 2015).

The current rating affirmation reflects the company's long track record of market operations, stable market position, earnings generation capacity and its robust counterpart and strategic partner base. NCC's balance sheet is consistent wit hits business profile and shows, among other things, a high equity level. NRA views positively the consistent growth of assets controlled by the company, customer base extension and profitability metrics improvement.

NRA notes that a number of changes introduced in the NCC's sector regulatory framework last year may increase the operational pressure on the company. Another risk is the concentrated income base of NCC's core business line.