Fitch Ratings downgraded Russia’s debt rating from positive to stable on January 16, reports the official press-release of Fitch Ratings.
The Fitch rating agency on Monday downgraded the outlook on Russia's debt, citing political uncertainty.
Fitch said in a statement Monday it had changed its outlook from positive to stable, meaning it was less likely to upgrade the country, which has been relatively unaffected by the European debt crisis and recently enjoyed profits from rising oil prices.
The rating agency cited the potential impact of weakening global growth and domestic political uncertainty as key reasons for the move.
Russia's gross domestic product rose by 4.2 percent last year and the country has been running budget surpluses for the past several years. But the country is likely to face growing budget deficits in the coming years.
Author: Irina Fomina