MOSCOW, May 19. /TASS/. The fact that Russia received a sovereign credit rating from Chinese rating agency China Chengxin International Credit Rating (CCXI) means partners’ confidence in it, which will allow the expansion of investment relations with countries of the Asian region, the Russian Economic Development Ministry said in a commentary on Russia being rated by the Chinese agency.
"The Russian economy remains stable despite the sanctions pressure. Russia’s GDP growth in 2023-2024 exceeded the global average (4.1% in 2023 and 4.3% in 2024 compared to 3.5% and 3.3%, respectively), which enabled it to consolidate its position as the world’s fourth-largest economy in terms of GDP on purchasing power parity, outpacing Germany and Japan," the ministry said.
A low level of state debt (14.5% of GDP) compared with developed Western countries and a low budget deficit (1.7% of GDP) are typical features for Russia.
"Having received a sovereign credit rating from CCXI means partners’ confidence in Russia and their reliance on the stability of the Russian financial system, which will help strengthen economic and investment relations with countries of the Asian region in the future," the ministry added.
Earlier on Monday, Vedomosti reported that China Chengxin International Credit Rating had raised Russia’s sovereign credit rating to BBB+g with a stable outlook. This is the first such assessment provided by a foreign agency since the beginning of the special military operation in Ukraine. This rating indicates moderate economic and financial stability and a similar default risk. The rating is an improvement over the one before the special military operation, which was BBB-g. After the events of 2022, the Chinese agency initially downgraded Russia’s rating to BBg, and later, in the summer of 2022, withdrew it, the paper said.