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: Russian economy     

Next Previous

You might also find interesting:

Significant Risks in the Russian Financial System The Richest Russian Woman YUKOS Case Top 3 Videos From Russia SPIEF 2014: Multi-Billion Contracts Despite Political Pressure









Comment on our site


RSS   twitter      submit



TAGS:
public transport  Yuzhno-Sakhalinsk  Sergey Stepashin  Russian scientists  Sokolniki Park  Kinotavr Film Festival  Active Travel  Leonid Andreyev  technology  St. Petersburg  False Dmitry  Mikhail Bulgakov  Moscow  accident  Russian business  Russian science  Russian tourism  Novodevichy Cemetery  Krasnodar  Graphic Art  FIFA world cup 2018 tickets  Aeroflot  Blue Rose  Stavropol Territory  Moscow government  Where to go in Russia  Van Gogh  Russian Cinema  Fairs in Moscow  Clean City  Boris Grebenshchikov  New Year  Russian political parties  airport transfer in Russia  Transportation  Spartak Moscow  Earth Hour  Maya Bulgakova  Russian Avant-Garde  virtual office Moscow  EU sanctions  Exhibitions in Moscow  Federal Security Service   VTB  Mercedes-Benz Fashion Week Russia  Gergiev  Evgeny Pluschenko  adoption  Russian Railroad  Russian economy 


Travel Blogs
Top Traveling Sites