Siluanov comments on Fitch decision to upgrad Russia’s ratings

Siluanov comments on Fitch decision to upgrad Russia’s ratings

Russian Finance Minister Anton Siluanov commented on the decision of the international rating agency Fitch to upgraded Russia’s long-term issuer default ratings in local and foreign currencies to BBB from BBB- with a stable outlook on August 9.

The minister said that the upgrade is another confirmation that the Russian economy has adapted to external challenges. “It is good news that the high quality of the country’s macroeconomic, budget, and monetary policies allowed us to return the country’s rating to that level,” Siluanov stressed.

“We welcome the decision of Fitch Ratings to raise long-term credit rating of Russia to the next ‘investment’ grade of BBB with a stable outlook. In fact, the agency has returned to its own estimate of the country’s risk as of 2014, before the rating was reduced due to introduction of external restrictions against Russia," the Prime news agency cited him as saying.

The Russian Finance Minister added that Moscow expects the two other largest international rating agencies – Moody’s and Standard & Poor’s – to follow Fitch in upgrading Russia’ ratings.