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By RUSNANO's request, Standard & Poor's has issued international credit ratings for the Corporation. The Agency's Rating Service assigned a long-term ВВ+ credit rating, a ruAA+ Russian scale rating, and stated that the outlook is negative. Such a forecast for RUSNANO's ratings reflects the outlook on Russia's* sovereign rating and will depend on its dynamics in the future.
Receiving a credit rating is in line with an ongoing effort of RUSNANO to pursue a policy of transparency in interacting with financial institutes. Previously, RUSNANO introduced a treasury system for executing its budget for project companies and a public selection procedure for banks to provide idle cash and investable funds management and control. All this is aimed at expanding RUSNANO's potential for attracting investors for projects in the nanoindustry, including credit and financial organizations.
To issue RUSNANO's credit ratings, Standard & Poor's accounted for RUSNANO's financial highlights, such as income and expenses, debt level, investment plans, as well as potential financial support from the Russian Government.
Currently, RUSNANO's level of liquidity is estimated as high. This figure may be revised, however, after the implementation of planned investments and the planned return of 85 billion rubles of idle cash to the Russian budget at the end of 2009. According to the CRA, it is because of this, as well as uncertainty in RUSNANO's further funding that underlie the three-grade difference between the corporate and sovereign national currency debt ratings.
It is expected that RUSNANO's funding for 2010-2014 will be provided by annual contributions from the Federal Budget. According to Standard & Poor's, the amount of state appropriations as well as their timely nature will be essential in determining RUSNANO's liquidity index and credit ratings.
* Russia's foreign currency sovereign dept rating is ВВВ/Negative/А-3; national currency sovereign dept rating is ВВВ+/Negative/А-2
Russian Corporation of Nanotechnologies (RUSNANO) was established in 2007 by the Federal law № 139-FZ to enable Government policy in the field of Nanotechnology. To accomplish this task, RUSNANO co-invests in nanotechnology industry projects that have high commercial potential or social benefit. Early-stage investment by RUSNANO lowers the risk of its investment partners from the private sector. RUSNANO participates in building nanotechnology infrastructure, which includes the nanotechnology centers of excellence, business incubators and early stage investment funds. RUSNANO provides scientific and educational programs that are required for its investment projects to succeed, and also supports the popularization of nanoscience and nanotechnology. RUSNANO selects promising spheres for investment based on longer-term foresight created by the leading Russian and world experts. To assist the Russian nanotechnology industry advance to the global market and strengthening of its international links RUSNANO develops partnerships with the leading nanotechnology centers in the world and organizes the annual Nanotechnology International Forum in Russia.
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