FXStreet (Edinburgh) – The research team at BBH has assessed the recent upgrade of Russia’s credit rating by agency Moody’s.
Key Quotes
“Moody’s raised Russia’s credit-rating outlook to stable from negative”.
“The credit rating was affirmed at Ba1, a step below investment grade”.
“The agency cited a stabilization of external finances and a diminished likelihood of the economy facing a further “intense shock” in the medium-term”.
“It also expects the country’s external financial position to “remain relatively robust” and that the negative effect of sanctions and low oil prices on FX reserves this year will be milder than expected. This was in part due to the floating exchange rate which “helped mitigate the shocks.”
(Market News Provided by FXstreet)