Fitch Upholds RUSNANO’s Rating of BBB, with Stable Outlook
The ratings agency Fitch has upheld RUSNANO’s ruble and hard-currency Long-Term Issuer Default Rating (IDR) of BBB, with stable outlook, the same as its sovereign rating for the Russian Federation.
Fitch emphasized that the reform of Russia's development institutions does not affect the issuer's reliability. Its decision to uphold the rating is a sign that it believes the Russian government is both able and willing to support RUSNANO, as a strategically important business.
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 126 factories and R&D Centers opened in 38 regions in Russia.
Management of assets of RUSNANO JSC is carried out by Limited Liability Company established in December 2013, RUSNANO Management Company.
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.