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Russian outlook raised to positive by Fitch Ratings

9-Sep-2010 12:33 PM

Russia’s credit rating outlook was raised from "stable" to "positive" by Fitch Ratings, due to accelerated growth, a stabilisation in the banking industry and moves by the Central Bank to increase flexibility in the nation's exchange rate policy (Bloomberg/AFP, 08-Sep-2010). Fitch also affirmed its BBB rating on Russia’s long-term foreign currency debt. Fitch added that it may raise Russia’s credit rating if the government tightens fiscal policy and reduces the country’s vulnerability to oil price fluctuations.

Fitch Ratings: “The Russian economy is recovering after being hit hard by the global financial crisis. Recovery appears to be fairly balanced and is supported by the rebound in oil prices, rising real incomes and stabilisation of financial confidence and capital flows,” Edward Parker, Head of Emerging Europe. Source: Bloomberg, 08-Sep-2010.