The situation with the debt of Rosnano can become a test for the readiness of the state to carry financial losses. This was stated by RBC Senior Director of the International Rating Agency Fitch Konstantin British.
On November 19, at a meeting with creditors, the leadership of Rosnano reported the accumulated disproportionate debt and the need to adjust the financial model. On the same day, the Moscow Exchange at the request of the Central Bank stopped trading by all the issues of Rosnano bonds by 71 billion rubles. Later, the Central Bank called the reason for such actions – the regulator tried to prevent insider transactions against the background of information about the company’s problems. On November 22, the trading resumed, but the bonds were very cheaper.
“We are now observing a test, as far as this prerequisite was applicable (to the fact that the only shareholder of Rosnano in the face of the state will support the company – approx.” Renta.ru “),” the Englishmen said. If the Agency may doubt the shareholder’s readiness to provide timely support measures, this will take into account when the company’s rating (notching) is forming.
According to the specialist, “Rosnano” is created by the state, and it is almost impossible to separate them from each other. One of the goals of creating a company was the development of stock markets, so the question of the willingness of the authorities to carry financial losses associated with this, he noted.
British reminded that 75 percent of the main body of the debt “Rosnano” there is a guarantee of the state. “We can use the so-called Override, which allows you to equate the rating of the state based on this guarantee,” the British explained. According to him, the main role in the assessment of the company plays precisely the state support, without guarantees of the authorities, the rating would be lower. The British stated that Fitch estimates the likelihood of state support “RUSNANO” as high.
argue that the state did not support the company, it will be possible after December 1 – it is on this day that the nearest repayment of ruble bonds is scheduled. The specialist did not disclose the amount needed to support the company.
Earlier, the head of the management company (CC) “Aleksei Tretyakov said that in the event of the restructuring of Rosnano debts, the ratings of all companies would begin with 100% government participation. Under the blow, the Gazprom, VEB, GTLC and Aeroflot be risked. “.
Against the background of the news about the problems of “Rosnano” on November 22, the Russian stock market began to decline significantly. At 17:15 Moscow time, all 15 companies from among the “blue chips” Mosbiergie went into minus. Most of the paper of the mother’s company Tinkoff TCS Group, having fallen almost eight percent. At 17:18, they traded 6660.6 rubles (minus 6.11 percent).