On Thursday, June 16 RAEX rating agency lowered the "Future" at one stage of the pension fund reliability rating - from A + ( "Very high level of reliability") to A ( "high level of reliability"). RAEX explained his decision by the negative revision of the credit rating of the assets of NPF. As a result, the fund has to sell 6.2% of the assets of the portfolio of pension savings, said the managing director of corporate ratings RAEX Pavel Mitrofanov. According to Central Bank data, as of March 31, 2016 assets of NPF "The Future" is 237 billion rubles., Of which 230 billion rubles. accounted for retirement savings. Thus, the fund will have to sell assets to 14.7 billion rubles.
Under current law, pension funds can invest future retirees only in stocks and bonds that are included in the quotation list of the Moscow higher exchange with a rating not lower than BB- on the international scale (or A ++ for RAEX scale). The maximum share of such securities may not exceed 10% of the fund's assets.
Perhaps the fund will have to create reserves in the sale of the assets, which can lead to a reductioneniyu its capitalization, said in a statement RAEX. Nevertheless, "the agency positively assesses the beneficiaries of financial support from the Fund under the rebalancing of its asset structure."
In 2015, the Fund has had to build up reserves of 5.2 billion rubles. impairment of securities Vneshprombank, which the Central Bank revoked the license in January. As previously wrote RBC, the group acquired Vneshprombank O1 bonds to 7 billion rubles., Including the expense of pension savings. At the end of last year under IFRS NPF "Future" recorded a loss of 3.7 billion rubles. According to the annual report, Vneshprombank buy bonds and other NPF, included in the structure of O1 - "Stalfond". At the end of 2015 he received a loss of 3.76 billion rubles., The amount of reserves established for liabilities Vneshprombank funds, amounted to 2.1 billion rubles. Both funds by the end of 2015 showed a yield below inflation - 5.6% per annum in PPF "Future" and 7.6% for "Stalfond". In the first quarter of 2016 yield of APF "Future" was negative - minus 6.8%.
CEO NPF "Future" Nikolay Sidorov said RBIt did not agree with the assessment of the rating agency. "We are fully confident that these securities, if necessary will be implemented in the required time, in the solvency of the issuer, we have no doubt," - he said. According to Sidorov, the paper make up a small part of the portfolio, its implementation does not lead to a loss and a violation of the interests of the insured persons. What exactly the securities in question, Sidorov said. A source close to the O1 Group, noted that we are talking about three corporate bonds.
Senior Portfolio Manager of the Criminal Code "Capital" Dmitry Postolenko believes that purchasers of securities NPF "Future" can be both banks and asset management companies, when it comes to liquid bonds. "If this paper a specific third-tier limits are open at very limited number of market participants, the buyer will be difficult to find. Investments in bonds of issuers of the first echelon and OFZ now allow to make a level above inflation, so investors are not willing to unnecessarily increase the risks ", - he said.
NPF "Future" is a onethem of the largest non-state pension funds in Russia and is under the control of the O1 Group Boris Mints. The fund ranks second in the number of insured persons and third largest pension savings. In March to the NPF "The Future" (formerly "Welfare OPS") was attached SPC "Stalfond". In addition, Boris Mints controls NPF "Telecom-Soyuz" and NPF "Uralsib". At Thursday, July 16, O1 Group also announced the acquisition of NPF «Education». Taking into account the last purchase amount of pension savings funds under management, members of the O1 Group, amounted to 242 billion rubles, while the number of insured persons -. 4 million people.