Russia's sovereign rating upgrade by Fitch

Russia's credit rating was lifted on Friday by Fitch Ratings, which cited strong fiscal policies and a commitment to inflation-targeting, Business Times reported.

The sovereign rating was lifted to "BBB", the second lowest investment grade, with a stable outlook, Fitch said in a statement.

The nation's credit score is now on a par with that of Kazakhstan, Italy and Mexico.

Fitch's decision to upgrade Russia's credit sovereign rating serves as evidence of high assessment of Russia's macroeconomic policy, CEO of the Russian Direct Investment Fund (RDIF) Kirill Dmitriev said on Saturday, TASS reports.

"Fitch's upgrade of Russia's sovereign rating is another evidence of a high assessment of all key elements of Russia's macroeconomic policy. Higher economic growth rates will increase the attractiveness of our country for investments. Despite external risks, the rating upgrade once again underscores the quality of economic policy and Fitch's confidence in the stability of the Russian economy," Dmitriev said.

He added that economic growth in Russia will improve in the nearest future after the implementation of national projects and possible initiatives of the Russian government to spend part of oil and gas revenues starting from 2020.