Add to favorite
 
123
Subscribe to our Newsletters Subscribe to our Newsletters Get Daily Updates RSS


Russian Ministry Of Finance Will Not Stop Working With International Rating Agencies
February 27, 2015 12:53


(Source: http://fxstock.ru)

The Ministry of Finance of the Russian Federation will continue to work with the rating agencies.

The Russian Finance Ministry does not consider the possibility of termination of contractual relations with international rating agencies. This was reported by “Interfax” on Tuesday, February 26, quoting the statement of the Press Secretary of the Minister of Finance Svetlana Nikitina. “We will continue to maintain an open dialogue. Just like before, we will provide all agencies with relevant macroeconomic information on a regular basis. We will continue to explain all aspects of budgetary and financial policies in order to improve the rating in the medium term” - she said.

Earlier the Deputy Finance Minister Sergei Storchak proposed to terminate the contracts between Russia and international rating agencies. According to the Deputy Finance Minister, the ratings of the country could be made this way too, within the framework of common procedures. Storchak added that Moscow “even paid for these contracts”. As he noted, in the current situation, it was “useless to meet them (representatives of agencies – note by “Lenta.Ru”), explain and show something”.

The cost of contracts with sovereign borrowers on maintenance of ratings is usually measured in tens of thousands of dollars per year. Previously Moody’s lowered the credit rating of Russia from Baa3 to the speculative Ba1 level. The forecast is “negative”. The main reasons are called the capital outflow from the country, the ongoing crisis in Ukraine, the drop in oil prices and the drop in the exchange rate of the rouble. The agency has also lowered the ratings of seven financial institutions in Russia.

“I consider Moody’s assessment to be not only too negative, but also based on a very pessimistic forecast having no analogues today”- Siluanov estimated the decision of the international rating agency.

On January 26 Standard & Poor’s has lowered the sovereign credit rating of Russia from BBB- to BB + for the first time in the last decade, which is below the investment level. Then the Finance Minister Anton Siluanov said that there was no reason to dramatize the situation. According to him, this decision reflects the pessimism of the agency and does not account for “a number of factors characterizing the strengths of the Russian economy”. On January 9 Fitch lowered the credit rating of Russia by one step – down to BBB-. Thus, the position of the Russian Federation has been lowered to “thrash level” by all three agencies of the “Big Three” one by one.




Author: Anna Dorozhkina

Tags: International Rating Agencies     

Next Previous

You might also find interesting:

In December the Average Russian Citizen's Shopping Check Rose to Maximum in 2017 Lavrov Talks About Sanctions UAE Expresses Interest In Floating Cosmodrome Maria Zakharova Was Added To the List Of the Most Influential Women By BBC The Journey to Christmas Festival









Comment on our site


RSS   twitter   facebook   submit

Bookmark and Share

search on the map
TAGS:
Politkosvkaya murder case  Leo Tolstoy  Mercedes-Benz Fashion Week Russia  St. Petersburg  Russian churches  Russian International  Russian tourism  Russian designers  Classical Music  Russian offroad vehicles  Alexander Ovechkin  Samara tours  Contemporary Russian History Museum  Russian Theater  Russian economy  LenExpo  Book Tickets for Concerts  The Great Silk Road  Russian Orthodox Church  New Museums  New Media  Festivals in Moscow  Chersonese  Multimedia Art Museum  Russian laws  Polistovsky Reserve  All Events  Moscow actions  Russian business  Mikhail Derzhavin  Republic of Bashkortostan  Odnoklassniki  Alexander Pushkin  Saransk  Erotic  duty free shop   Russian history  Russian Literature  Lenny Kravitz  Russian Cinema  Tsaritsyno  Russian law enforcement   Russian theatre  Moscow  Retail in Russia 2011  Exhibitions in Moscow  EU sanctions  Staraya Maina  Russian tankers  Sochi Olympics 


Travel Blogs
Top Traveling Sites