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Russia may lose $30 billion from S&P’s sovereign rating downgrade — minister

December 29, 2014, 12:12 UTC+3 MOSCOW
S&P announced on December 23 it had placed Russia’s sovereign rating on a negative CreditWatch due to the ruble’s high volatility and the weakening economy
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© EPA/JUSTIN LANE

MOSCOW, December 29. /TASS/. Russia may lose $20-30 billion from its investment rating downgrade by S&P international rating agency, Economic Development Minister Alexey Ulyukayev said in an interview with Business FM radio station.

“If Standard&Poor’s takes a rating action, this will entail material consequences,” the economy minister said. “The covenants stipulated in loan agreements and the terms of bond placements will be triggered and we’ll get some additional early repayment, aside from the original repayment schedule,” the minister said.

“We can’t specify this sum right now but intuitively this is about $20-30 billion. However, this amount still needs to be specified and requires additional work. This is a new risk,” he said.

S&P announced on December 23 it had placed Russia’s sovereign rating on a negative CreditWatch due to the ruble’s high volatility and the weakening economy.

S&P currently rates Russia’s long-term foreign currency obligations at BBB- and national currency obligations at BBB.

“The placement of the rating on CreditWatch with negative implications reflects Standard&Poor's view that there is at least a one-in-two likelihood of a negative rating action within 90 days,” the ratings agency said. “We plan to resolve the CreditWatch placement by mid-January," it added.

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