6 Sep 2017 11:45

Russia deserves higher sovereign ratings, minister says

VLADIVOSTOK. Sept 6 (Interfax) - Russia, with its current economic indicators, deserves higher sovereign ratings that it now has, Economic Development Minister Maxim Oreshkin said.

"We'll see," Oreshkin said on the sidelines of the Eastern Economic Forum (EEF) when asked whether he expects S&P to reconsider Russia's rating on September 15.

Commenting on what rating corresponds to the current state of the Russian economy, the minister said that if one compares Russia with other countries, "then of course other countries with higher ratings have a far worse situation in terms of macroeconomic dynamic, economic growth and the sustainability of this growth."

From this point of view, the Russian economy should look stronger, he said. The concerns that rating agencies expressed, particularly in 2015-2016, are now largely groundless, Oreshkin said.

"We have transitioned to stable and low inflation, returned to economic growth, the dynamic on the forex market is stable, and mechanisms have been created to protect the economy from external shocks, from the volatility of oil prices. All of these factors together, of course, make it possible to say that Russia deserves higher ratings," Oreshkin said.

However, specific ratings are the decision of specific rating committees and rating agencies, he said.