Fitch affirms Russia’s sovereign rating at BBB, outlook stable

International ratings agency Fitch said on Friday it had affirmed Russia’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BBB' with a Stable Outlook, TASS reports. 

"Russia's 'BBB' IDRs reflect its credible macroeconomic policy framework, strong external balance sheet (including a large net external creditor position, and highest external liquidity ratio in the 'BBB' category), and the lowest level of general government debt/GDP in the peer group," the ratings agency said.

Set against these factors are geopolitical risk, weak governance relative to peers, low potential GDP growth, and high commodity dependence, Fitch said.]

The Finance Ministry of Russia is positive about international ratings agency Fitch’s decision to affirm Russia’s sovereign rating at BBB with stable outlook.

"We are certainly positive about Fitch Ratings’ new confirmation of Russia’s sovereign credit rating at BBB with stable outlook. The agency noted that the current condition of the country’s balance of payments, accumulation of significant fiscal reserves and balanced budget planning allows the Russian economy to successfully absorb potential exterior shocks," Finance Minister Anton Siluanov told reporters.