The international rating agency Fitch has removed from the revision the long-term issuer default ratings of Rusnano. Fitch has affirmed the ratings of the Russian company at ‘BBB’ with a negative outlook.
The experts explained their decision by the fact that the risks for the ratings of Rusnano decreased in the short term after the company redeemed its domestic bonds on December 1. However, Fitch believes that there is still uncertainty about Rusnano’s recently announced negotiations with creditors on a possible restructuring of the company’s debt.
“This increases the risks for the sustainability of the financing strategy (Rusnano .— “B”). As a result, the negative outlook reflects a possible overestimation of government support for the company, driven by potentially less obvious support from the authorities, ”Fitch said in a press release.
From 19 to 22 November, trades in the Rusnano bonds were suspended at the request of the Central Bank. Then the company admitted that it was on the verge of default. The Ministry of Finance promised that the promissory notes of Rusnano, secured by state guarantees, would be fulfilled.
Read more about the situation with “Rusnano” in the material “Kommersant” “There is no such thing for the market.”
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