...November 30, 2020 TORONTO (S&P Global Ratings) Nov. 30, 2020--S&P Global Ratings said today that it assigned its '##+' issue-level rating to National Securities Clearing Corp.'s (NSCC) $1 billion senior notes maturing in 2023 and 2025. The rating is in line with our '##+' long-term issuer credit rating on NSCC. Similar to the $2 billion medium-term notes issued in April 2020, the proceeds from these notes constitute liquid resources that will be held in bank deposits, predominantly at the Federal Reserve Bank of New York, to facilitate settlement in the event of a member default. Given that the company cannot use these debt proceeds for general corporate purposes, we view the transaction as leverage neutral. In addition, we assume that if NSCC were to use any of the proceeds in the event of a member default, it would replenish the funds in a matter of days, as NSCC liquidates and settles the positions of the defaulted member. The notes supplement NSCC's existing liquid resources, which...
