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Kremlin aide says Fitch’s decision to change outlook for Russia hasty

January 16, 2012, 23:42 UTC+3
“A combination of our political risks and problems in the EU is an acceptable explanation, but the decision is hasty,” he said in his microblog on Twitter
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MOSCOW, January 16 (Itar-Tass) —— The rating agency Fitch’s decision to lower Russia’s issuer default rating (IDR) from “positive” to “stable” was hasty, presidential aide Arklady Dvorkovich said.

“A combination of our political risks and problems in the EU is an acceptable explanation, but the decision is hasty,” he said in his microblog on Twitter on Monday, January 16.

The Fitch international ratings agency has affirmed Russia’s issuer default rating (IDR) at BBB, while revising the country’s long-term foreign and local currency IDR outlook to stable from positive, the agency said in a statement Monday.

The political uncertainty in Russia has risen and the global economic outlook has worsened since Fitch last affirmed the country’s rating in September 2011.

Moreover, the agency said that political risk, reflected by poor governance indicators, is a long-standing weakness compared with most other BBB-rated countries, and recent events have highlighted the limitations and risks associated with Russia’s political model.

According to the agency, higher-than-expected oil prices stimulated public finances to outperform the budget in 2011.

 

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