Economy minister not expecting new rating actions on Russia in near term
ANTALYA. April 23 (Interfax) - Russia will not, in the near future, lose its investment grade credit rating from Fitch or regain it from S&P and Moody's, Economic Development Minister Alexei Ulyukayev believes.
Two of the three leading international rating agencies downgraded Russia's sovereign ratings to below investment grade against the backdrop of the Ukrainian conflict and its impact on the Russian economy. The third, Fitch, planned to announce a rating decision last week, but postponed the action, taking into account, in Finance Minister Anton Siluanov's view, the signs of stabilization in the Russian economy. S&P, meanwhile, left Russia's rating unchanged, as analysts expected.
"This is an expected inertia decision [by S&P to not change the rating and by Fitch to delay action]. I can't say it's negative, but neither is it very positive," Ulyukayev said on Wednesday on the sidelines of a Russian-Turkish business form in Antalya.
"The two agencies that put Russia outside an investment rating, of course, cannot now acknowledge that they were wrong and backpedal. And it will also be very difficult for an agency that did not do this to make such a decision. Therefore, I think that the agencies will take a time-out that will last a while," Ulyukayev said, adding that he does not expect any further downgrade of Russia's sovereign ratings.
