Fitch Retains Russia's Long-term Credit Rating with Stable Outlook

Fitch: Russia's credit rating at 'BBB' remains with a stable outlook forecast, as reported by TASS.

“Russia's credit rating at 'BBB' is supported by a stable level of external fiscal balance and the lowest level of public debt in relation to GDP in a group of peer countries,” the agency reported .

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Russia's Short-term Issuer Default Rating (IDR) was confirmed at F2.

The Russian Ministry of Finance has positively assessed the confirmation of the sovereign credit rating, said the head of the department Anton Siluanov.

He added that the combination of factors indicated by Fitch, such as low government debt, a reliable macroeconomic structure built by the Bank of Russia and the government, and an increase in the level of fiscal reserves, ensure the resilience of the Russian economy against potential external shocks.

Previously, Fitch estimated that in 2021 Russia's revenues from oil and gas could exceed the level of the pre-pandemic 2019 against the background of high prices for these fuels. In total, revenues could be about $ 125 billion (approximately 9 trillion rubles).