National Custodian Company’s Reliability Rating Affirmed At ‘AA’
The rating affirmation for NCC at this time is driven by the company’s long track record of market operations, robust market position, persistent revenue generation and its stable counterparty and strategic partner base. NCC’s balance sheet structure is consistent with its business profile and is characterized by a high equity level. The company has stable, highly skilled and experienced staff and a very low staff turnover rate.
We note that NCC’s profitability has somewhat reduced during the period under review, which can be attributed to the company’s non-recurring expenses associated with its move to new, higher-class office premises.