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Fitch Affirms IC Russ-Invest at 'B'; Outlook Stable

November 21, 2007 | Cbonds

Fitch Ratings has today affirmed Russia’s OJSC Investment Company IC RUSS-INVEST’s (IC RUSS-INVEST) ratings at Long-term Issuer Default (IDR) 'B', National Long-term ‘BBB-(BBB minus)(rus)’ and Short-term IDR 'B'. The Outlooks for the Long-term IDR and National Long-term rating are Stable.
The ratings reflect IC RUSS-INVEST's high exposure to Russian market risk, resulting in potential earnings volatility, and potential corporate governance concerns that surround a small company owned by management. The ratings also reflect the absence of any debt at IC RUSS-INVEST.

Upside rating potential for IC RUSS-INVEST is currently limited by its size and reliance on proprietary trading, with a sole focus on the Russian market. Downside pressure could result from material changes in leverage or capital management, which Fitch does not foresee at this stage.

Fitch notes that although IC RUSS-INVEST has managed to record healthy profits over the last five years, its performance has not been tested in a prolonged downturn in the local stock market. At the same time, Fitch understands that operating costs are comfortably covered by relatively stable interest income.

IC RUSS-INVEST is a former voucher fund with a shareholder base of more than 2.2 million individuals, although management owns a controlling stake. The company's main activity is trading on its own account. It invests in RUB-denominated securities that are mostly traded on either RTS or MICEX.


Full company namePublic Joint Stock Company "IINVESTMENT COMPANY IC RUSS-INVEST"
Country of riskRussia
Country of registrationRussia
IndustryFinancial institutions


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