Moody’s upgrade of Russia’s rating outlook demonstrates country’s recovery - CEO of RDIF
Moody's rating action to upgrade the outlook on Russia's Ba1 long-term issuer and senior unsecured debt ratings to positive from stable demonstrates the recovery of the country’s economy, its macroeconomic stability and a growing investor interest to Russian assets, Chief Executive Officer of the Russian Direct Investment Fund (RDIF) Kirill Dmitriev said Friday.
As reported earlier Moody`s upgraded the outlook on Russia's sovereign rating to positive from stable as it affirmed its long-term ratings at ‘Ba1’.
"The stabilization of oil prices thanks to the OPEC+ deal and a smart monetary policy that stabilized inflation played a substantial role," Dmitriev said.
Growing evidence of institutional strength and increased evidence of economic and fiscal resiliency were the key factors of the change in the outlook, Moody’s said. In its view, the rating appropriately balances Russia's fiscal strength, somewhat improved economic prospects and effective policy-making against the combination of longer-term economic challenges and continued nearer-term exposure to external events. The country’s medium-term macroeconomic perspective is also better than forecast a year ago when Moody's changed the rating outlook to stable from negative, the agency noted.