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S&P Raises Russia’s Ratings to 'BBB-/A-3' With Stable Outlook

© REUTERS / Brendan McDermid/FilesA view shows the Standard & Poor's building in New York's financial district
A view shows the Standard & Poor's building in New York's financial district - Sputnik International
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MOSCOW (Sputnik) - Standard & Poor's financial services firm on Friday revised Russia’s ratings up to 'BBB-/A-3' from ‘BB+’ with a stable outlook.

The New York-based ratings agency cited the country’s prudent policy and improved monetary transmission.

Also, Fitch ratings agency said that Russia's long-term foreign- and local-currency issuer default ratings will remain at BBB- with positive outlook.

"Fitch Ratings has affirmed Russia's Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at 'BBB-' with positive outlook," the release said on Friday.

Fitch explained that the positive outlook reflects "continued progress in strengthening the economic policy framework underpinned by a more flexible exchange rate, a strong commitment to inflation- targeting and a prudent fiscal strategy."

Moody's - Sputnik International
Moody's Raises Russia's Rating to Positive From Stable, Affirms Ba1 Rating
Russian economic development minister commented on the S&P's decision to raise Russia’s sovereign rating, saying it was a belated recognition of the nation’s economic progress.

"The sovereign rating upgrade to the investment grade is a belated reaction to Russia’s successful economic policy," Maxim Oreshkin said.

Oreshkin suggested that Russia’s responsible macroeconomic policy had led to the US credit agency’s change of heart.

He said a flexible exchange rate system, "inflation targeting" and new budget rules had reduced the country’s reliance on oil prices, driving its ratings upward.

Oreshkin also noted that S&P's revision of Russia’s sovereign rating would open up the country to foreign capital. "An upgraded investment-grade rating will attract capital and keep the rate of return in the long-term Federal Loan Bonds market below 7 percent. This opens a path toward a rise in investment crediting and creates more opportunities for infrastructure loans," he said.

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