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Rouble Up On S&P Action
26.10.2014 18:17
Rouble Up On S&P Action
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The national currency strengthened on the news that Standard & Poor's had affirmed its 'BBB- credit rating on Russia, contrary to projections by many experts.

      The rouble moved 20 kopecks up after a steep decline over the past months over international sanctions and capital flight.

      Standard & Poor's Ratings Services expects Russia to maintain a strong net external asset position and moderate net general government debt in 2014-2017.

      There is still a risk, however, that S&P could “downgrade Russia over the next 18 months if its external and fiscal buffers deteriorate at a faster pace” than predicted, for example due to any further escalation of the sanctions regime over the Ukraine conflict.

      “However, the situation remains fluid and should sanctions ease, one possible consequence could be a modest boost to the Russian economy,” reads the statement.

      Standard & Poor's focus on the structural weaknesses in Russia's economy, in particular the strong dependence on hydrocarbons and other commodities. “Russia's relatively weak political and economic institutions also constrain the ratings and impede the economy's competitiveness and its business and investment climates,” adds the official letter.


Author: Mikhail Vesely


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