S&P affirms Russia’s BBB-rating as stable

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Standard & Poor said in a report that the outlook of Russia’s "BBB-" credit rating is stable. The agency affirmed Russia’s foreign currency long-and short-term sovereign credit rating at "BBB-/A-3".

Photo by NATALIA61/Shutterstock.com

“Risks of tighter international sanctions, mostly from the US, remain,” but Russia’s “strong policy framework shields the economy, public finance, and the financial system from external shocks,” the TASS news agency said, citing the report.

S&P said it expects Russia’s new government to maintain macroeconomic policy continuity, adding that it also expects “the Central Bank of Russia to maintain price and financial stability, including during episodes of market volatility.”

S&P said the growth of Russia’s gross domestic product is expected to be 1.8% in 2020 “on the low base effect and policy easing”, but its analysts do not expect “the pace of medium-term economic growth to significantly exceed this level, which remains slower than rated sovereigns with similar income levels” TASS added.

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