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The Central Securities Clearing System (CSCS) Plc has been upgraded from A- to A, which indicates ‘Low Overall Risk’ by Thomas Murray Data Services, the UK specialist custody rating, risk management and research firm.
The overall rating of ‘A’ reflects a weighted average of seven risk components. The rating for Asset Servicing Risk has been omitted from the Overall Risk Rating since CSCS takes no active part in the entitlement calculation or processing of corporate actions in the market.
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The outlook of CSCS rating is ‘Positive’ owing to developments taking place in the course of 2016-17, with a positive impact on Counterparty Risk, Asset Safety Risk, Operational Risk and Financial Risk.
Commenting on the rating, Managing Director and Chief Executive Officer of CSCS Plc, Kyari Bukar, said: “The upgrade from A- to A is a significant milestone towards being a globally respected and leading central securities depository in Africa. The key upgraded areas further indicate that we made notable improvements in managing our market’s overall risks to low level in line with best practices.
