Russia's credit rating was raised from BBB- to BBB Wednesday, although experts had anticipated the review would be made earlier by the Moody's ratings agency in mid-July.
"By granting Russia a higher credit rating, Fitch once again estimated the country's economic situation in the conditions of growing prices for oil, raw materials and metals," said Valentin Zhurba, an analyst at the Aton investment group.
Experts say the market has been growing for quite a long time, therefore the regular upgrading of the rating motivated profit taking is par for the course, no matter how positive the review may seem.
"The rating review became the last cord of the rally," said Konstantin Gulyayev, an analyst at Region.
RTS and the Moscow International Currency Exchange (MICEX) indices reflect the reaction of the market, with purchases rising after Fitch's announcement, followed by profit taking and a return to the rates before the rating's update.
The MICEX index slid by 0.34 % to 707.56 points and RTS dropped by 0.04% to 790.34 by 5.37 p.m. Moscow time (1.37 p.m. GMT) against overnight closing rates.
By 5.30 p.m. Moscow time (1.30 p.m. GMT), the rate of blue chips fluctuated in a 0.5 % margin against Tuesday's closing, except Sibneft shares, which fell by 2.21 % on RTS, and Yukos shares, which dropped by 2.44 % on MICEX.
