NEW YORK (S&P Global Ratings) May 14, 2025--S&P Global Ratings today assigned its 'AA+' issue-level rating to National Securities Clearing Corp.'s (NSCC; AA+/Negative/A-1+) senior notes maturing in 2027 and 2030. The rating is in line with our 'AA+' long-term issuer credit rating on NSCC. The proceeds will be used to refinance maturities coming due this year. These notes constitute liquid resources that will be held in bank deposits, predominantly at the Federal Reserve Bank of New York, to help with a settlement if a member defaults. Given that the company cannot use these debt proceeds for general corporate purposes, we view the transaction as leverage neutral. We also assume that if NSCC were to use any of the proceeds in
