MOSCOW (Sputnik) — On Wednesday, S&P affirmed a negative outlook for Russia, keeping BB+ foreign currency and BBB- local currency rating. In late January, Russia's foreign currency rating was downgraded from BBB- to BB+ by the agency, putting the country's bonds below investment grade.
"No, of course it does not reflect [the situation]. We have stated this many times. I think that the divide between the risks that the agency must account for and the forecasts that it complies will remain for another few years. This gap will certainly amount to about two places, it seems," Ulyukayev told reporters.
Russia's bonds are rated at junk level due to a climate of uncertainty for investors, partially due to EU and US anti-Russian sanctions imposed following the start of the Ukrainian crisis, the minister added.
Moody's currently rates Russian bonds at Ba1 with a stable outlook, while the Fitch rating stands at BBB- with a negative outlook.
S&P cut a number of countries' ratings, mainly targeting oil producers in the wake of the recent slump in global oil prices that put pressure on most oil producing states' budgets. Brazil's bonds were also downgraded amid the country's ongoing economic and political turmoil.
