Subject. Building a unified risk assessment system within BRICS+ based on the comparison of national credit ratings. Objectives. To develop a method for aligning heterogeneous national rating scales and to substantiate the procedure for integrating risk assessment results into multilateral clearing rules. Methods. The study employs conceptual design of financial infrastructure, comparative analysis, and development of a rating comparison procedure with the assignment of unified risk classes. These classes are linked to the probability of default and calibrated against historical default frequencies and observed market risk premiums. Results. The paper outlines the elements of a unified scale and an integral credit quality index, as well as a set of regulatory rules for their application: limits on net debit positions, differentiated discounts on collateral, contributions to guarantee funds, and a transparent procedure for loss allocation. The results are aimed at creating a sustainable settlement architecture in national currencies and central bank digital currencies (CBDCs). This architecture enhances risk comparability across jurisdictions and enables scaling up multilateral netting without a supranational currency. Conclusions and Relevance. Introducing a unified risk assessment scale helps reduce coordination costs and the uncertainty premium, enhances trust and liquidity in cross?border settlements, and ensures a phased integration of risk assessment procedures into the regulations of clearing and digital platforms. The findings will be useful for developing regulations for the BRICS+ settlement and clearing infrastructure, establishing requirements for CBDC platforms, and designing a supervisory body for credit risk management in multilateral settlements.
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