Fitch Upgraded RUSNANO's Long-term Rating to BBB
Fitch Ratings upgraded RUSNANO's Long-term foreign and local currency Issuer Default Ratings (IDRs) from BBB- to BBB, with a Stable forecast.
For the first time, Fitch Ratings assigned RUSNANO's Long-term IDRs in December 2018 on par with the sovereign rating of the Russian Federation. The company's ratings were revised following the upgrade of the Russian Federation's ratings to BBB on August 9, with a Stable forecast.
RUSNANO Joint-Stock Company was founded in March 2011 through reorganization of state corporation Russian Corporation of Nanotechnologies. JSC RUSNANO contributes to implementation of the state policy on the development of the nanotechnology industry by investing directly and through investment funds of nanotechnology in financially effective high-technology projects providing the development of new production facilities in the Russian Federation. Its primary investment focus is in electronics, optoelectronics and telecommunications, healthcare and biotechnology, metallurgy and metalwork, energy, mechanical engineering and instrument making, construction and industrial materials, chemicals and petrochemicals. 100 percent of RUSNANO’s shares are state owned. Thanks to RUSNANO’s investments, there are currently 105 factories and R&D Centers opened in 37 regions in Russia. JSC RUSNANO has profit for the last 5 years.
Management of assets of RUSNANO JSC is carried out by Limited Liability Company established in December 2013, RUSNANO Management Company. Anatoly Chubais is the Chairman of its Executive Board.
Work to establish nanotechnology infrastructure and carry out educational programs is fulfilled by RUSNANO’s Fund for Infrastructure and Educational Programs, which was also established during the reorganization of the Russian Corporation of Nanotechnologies.