MOSCOW, May 10. /TASS/. The considerable terms-of-trade shock related to Russia's recession drives a broadly negative credit outlook for the nine countries in the Commonwealth of Independent States (CIS) region over the next two years, Moody's Investors Service said in a report published Tuesday.

Five of the nine Moody's-rated countries in the CIS region carry negative outlooks, reflecting that further downward adjustments are possible, the agency said. Kazakhstan is the only CIS country that retains an investment-grade rating.

"The economies, financial sectors and fiscal positions of CIS countries will continue to suffer from depressed oil prices. This will constrain sovereign ratings over the next two years," Kristin Lindow, a Senior Vice President in Moody's Sovereign Risk Group, was quoted as saying.

Moody's expects that the Russian economy will contract by 1.5% on average in 2016, but begin to record quarterly growth in the current quarter and modest positive growth in 2017. In end-April the agency confirmed its Bа1 rating for Russia with negative outlook.