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Moody's raises Russia's sovereign credit rating

Moody's international rating agency has raised Russia's sovereign credit rating to investment grade - from Ba1 to Baa3, the agency stated. The outlook has been changed from “positive” to “stable”. Another short-term rating was raised from Not Prime (NP) to Prime-3 (P-3).

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“The increase in Russia's ratings reflects the positive impact of policies pursued in recent years to strengthen the already stable public finances and external indicators, as well as reduce the country's vulnerability to external shocks, including new sanctions,” Moody’s reports.

Finance Minister Anton Siluanov, commenting on the rating agency's decision, called it "fair, albeit somewhat belated." “I am glad that the obvious successes of Russia's economic policy were appreciated by Moody’s and now all three world rating agencies recommend their clients to invest in our country,” Siluanov said. According to the minister, the decision is due to the high quality of the macroeconomic, budgetary and monetary policies pursued by the Russian authorities.

“The fact that three agencies have now assigned Russia an investment rating will be an additional positive argument for investors considering investing in our country,” Siluanov said, promising that the country's government, for its part, will create new prerequisites for further improvement. ...

Source: RBK