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Finance minister expects other rating agencies to upgrade Russia's rating after Fitch

Fitch rating agency earlier upgraded Russia's credit sovereign rating to BBB

Russian Finance Minister Anton Siluanov Dmitry Astakhov/Russian Government Press Office/TASS

Russian Finance Minister Anton Siluanov

© Dmitry Astakhov/Russian Government Press Office/TASS

MOSCOW, August 9. /TASS/. The Russian Finance Ministry hopes that Russia's credit sovereign rating will be upgraded by other rating agencies after the decision by Fitch, Finance Minister Anton Siluanov said on Friday.

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"This decision [by Fitch to upgrade Russia's rating to BBB] serves as another confirmation that Russia's economy has fully adapted to existing challenges and is capable of reaching new growth rates. We are glad that the high quality of marcroeconomic, fiscal, monetary policy has allowed to return the country's rating to this level. We hope that the decision by Fitch will serve as a logical basis for upgrading Russia's credit sovereign rating by other agencies of the 'Big Three' [Moody's and Standard & Poor's]," Siluanov said.

He noted that Fitch returned to the rating of 2014. "In fact, the agency returned to the 2014 rating of the country's credit sovereign risks, to downgrading the rating against the backdrop of external restrictions placed on Russia. The agency noted robust balance sheets, considerable volume of accumulated reserves and low level of government debt," Siluanov added.

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