NAUFOR: default or restructuring of Rusnano's debts will be a blow to Russia's prospects debt restructuring, otherwise the situation will be a blow to the prospects for the implementation of state programs in various sectors of the Russian economy. This appeal to the state was made by the National Association of Stock Market Participants (NAUFOR), its text is published on the organization's website.
The authors of the letter called the revaluation of the ratings of the entire segment of quasi-sovereign bonds the main consequence of the state company's refusal to service its debt. It includes state-owned companies, companies and banks with 100 percent state participation, and individual subjects of the federation. In the event of a negative outcome in the situation with Rusnano, they will have to spend more funds on debt servicing, and some issuers cannot do without additional government guarantees.
The issue of infrastructure bonds, through which it is supposed to finance projects, may also suffer. in the field of infrastructure. All this will inevitably affect the economic growth of the country.
NAUFOR noted that the Finance Ministry's comment on the situation did not add clarity. It only refers to debt obligations secured by government guarantees (75 percent). The statement of the Central Bank about the absence of systemic risks also did not bring specifics. As a result, investors do not understand what will happen to the bonds of the state company, which are not covered by state guarantees.
Earlier, the senior director of the international rating agency Fitch Konstantin Anglichanov called the situation a test of the state's readiness to incur financial losses. In turn, the general director of the management company Arikapital (holds a part of Rusnano's bonds) Alexei Tretyakov suggested that companies such as Gazprom, VEB, GTLK, Aeroflot would take up the rating revaluation, if the blow is not softened./p>
The management of Rusnano announced the accumulated disproportionate debt and the need for adjustments to the financial model. The nearest coupon redemption should take place on December 1.
Earlier it was reported that OVK Finance, a structure of the United Wagon Company (UWC), made a technical default. More than half of the company's shares belong to structures controlled by the state.