Moody's upgrades Russia's rating

Moody's upgrades Russia's rating

Global ratings agency Moody's has upgraded Russia's rating to Baa3 with a stable outlook.

Moody's said in a report that Russia's rating was upgraded from Ba1 to Baa3, while the outlook was changed from positive to stable.

"The upgrade of Russia's ratings reflects the positive impact of policies enacted in recent years to strengthen Russia's already robust public finance and external metrics and reduce the country's vulnerability to external shocks including fresh sanctions. The stable outlook reflects evenly balanced upside and downside credit risks," the agency said, TASS reports.

By upgrading Russia's rating, global ratings agency Moody's has acknowledged apparent successes of Russia's economic policy, Russia's First Deputy Prime Minister and Finance Minister Anton Siluanov told reporters on Saturday.

"I am glad that obvious successes of Russia's economic policy were acknowledged by Moody's. Now all three global ratings agencies will recommend their clients to invest in our country. This is a fair decision, even though somewhat late. It was based on the high quality of Russian authorities' macroeconomic, fiscal, monetary policy," Siluanov said.

"The Russian government will in turn create new prerequisites for further improving the country's rating," TASS quoted Siluanov as saying.