The international rating agency Fitch has affirmed Russia’s long-term sovereign issuer default rating (IDR) at ‘BBB’, reports Interfax…
Short-term IDR was affirmed at F2. The rating outlook is “stable”.
The text of the document states that Russia’s rating reflects a reliable and consistent economic policy of the country, a strong external balance and the lowest public debt-to-GDP ratio among comparable countries.
The “stable” outlook is explained by the effectiveness of Russia’s policy in maintaining a strong state balance and maintaining macroeconomic stability in the face of the shock caused by the COVID-19 pandemic, as well as high volatility in oil prices.
In February, Fitch retained Russia’s long-term foreign currency credit rating at ‘BBB’ with a stable outlook. At the same time, experts pointed to weak prospects for economic growth, as well as a high dependence on raw materials of the country’s economy and geopolitical risks. All this, they say, affects the prospects for economic growth.