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Fitch upgrades Russian non-banking credit institution

Fitch Ratings on Aug. 29 upgraded Russia-based non-banking credit institution Central Counterparty National Clearing Centre's long-term foreign-currency issuer default rating to BBB from BBB-, following a similar action on Russia in August.

The rating agency upgraded the company's short-term issuer default rating to F2 from F3, and affirmed its long-term local-currency issuer default rating at BBB, the viability rating at "bbb". The outlooks are stable.

At the same time, Fitch upgraded the institution's support floor to BBB from BBB- and affirmed the support rating at 2.

The upgrade reflects an increased capability of the country to offer support to the company. The ratings further incorporate the company's significantly strong credit profile in the Russian market and an improved financial flexibility of the country.

CCP NCC is a subsidiary of PJSC Moscow Exchange MICEX-RTS.