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Former finance minister says Moody’s downgrading Russia to junk status is hard to explain

February 21, 2015, 17:43 UTC+3 MOSCOW
"I admitted the downgrading of Russia’s rating to junk, but at the moment I see this as difficult to explain," he posted on Twitter
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Alexei Kudrin

Alexei Kudrin

© ITAR-TASS/Sergei Bobylev

MOSCOW, February 21./TASS/. The former Russian finance minister, Alexei Kudrin, said Moody’s downgrading of Russia’s sovereign rating to speculative was hard to explain

"I admitted the downgrading of Russia’s rating to junk, but at the moment I see this as difficult to explain," he posted on Twitter.

International rating agency Moody’s has revised downwards Russia’s sovereign debt rating to Ba1 (speculative) from Baa3, offering the continuing crisis in Ukraine and dwindling oil prices as the main reasons.

The Russian Ministry of Finance promptly replied the decision was politically motivated.

Moody’s is the second world rating agency after Standard&Poor’s to have downgraded Russia’s sovereign rating to the speculative level. Fitch has kept its investment level rating unchanged for the time being.

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