Moody’s upgrades Russia to investment grade: we expect neutral impact

RUSSIA ECONOMICS - In Brief 11 Feb 2019 by Marcel Salikhov

Last Friday Moody’s upgraded its sovereign credit rating Russia from Ba1 to Baa3, a lowest investment grade with stable outlook. Moody's believes that Russia's stability as a sovereign borrower has decreased significantly. FX reserves cover 80% of the external debt which is main rationale for the rating action. At the same time Moody’s believes that the probability of introducing new sanctions in the coming months is high. New sanctions may include restriction for the US people to buy new debt (probably) and hold it (possibly). Russia now has an investment rating from all three leading rati...

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