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Reduction of Russia's rating by S&P political decision — minister

January 27, 2015, 15:55 UTC+3 MOSCOW
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MOSCOW, January 27. / TASS /. S&P's decision to reduce Russia's speculative credit rating is motivated by politics, said Deputy Economic Development Minister Alexey Likhachev on Tuesday in an interview with reporters.

"In my opinion, this is a political decision. Rating is a difficult concept," Likhachev said.

"Look at the countries that we've joined, and compare them to Russia, their level of economic development, economy size and GDP dynamics, the level of export and import," he added.

On January 26, the international rating agency Standard & Poor's downgraded Russia's credit rating in foreign currency to a speculative grade from BBB- to BB+.

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