Moody’s confirms Russia’s Ba1 sovereign rating with negative outlook

The agency concluded the review for downgrade that was initiated on March 4, 2016, and assigned the rating a negative outlook, Tass reports.

The decision to confirm Russia’s rating was caused by the economy’s "resilience to the renewed drop in oil prices early this year thanks to an effective blend of macro policy responses" and the fact that "the fiscal adjustment underway appears sufficient to reduce the 2016-18 deficits to a level that can be financed in the domestic capital markets and through fiscal reserve drawdowns.