German agency Scope Ratings raised its assessment of Russia’s government debt from BBB- to BBB, highlighting Russia’s increased security against economic shocks.
The agency cited low debt, increased tax revenues, high reserves and sound policy from the Central Bank managing the level of inflation as the key factors in the upgrade, the Moscow Times reported.
With a strengthening ruble and falling interest rates, Russian government debt proved an attractive purchase for foreign investors last year, with non-residents buying a record $22.2 billion of Russian government bonds in 2019, data from the Central Bank shows.
The upgrade by Scope Ratings follows a similar move by Fitch — one of the Big Three credit ratings agencies alongside Moody’s and S&P — last summer.
S&P, as well as Moody's, left its own rating of BBB- unchanged, with an outlook of 'stable.'
