Siluanov: S&P underestimates Russian economyRussian minister of finance Anton Siluanov rebuked the S&P ratings agency for excessive pessimism and underestimating the Russian economy. "The decision demonstrates the excessive pessimism of the agency. It does not take into account some important factors that characterize the strengths of the Russian economy," TASS cited him as saying. Among those factors he mentioned large international reserves that were accumulated, including sovereign wealth funds, the current account surplus and low public debt. "These are indisputable advantages of Russia in the current macroeconomic conditions," he said. According to Siluanov, the ministry of finance finds "no reason to dramatize the situation." "There's no need to talk about the origins of the formal reason for foreign investors to exit from Russian assets, since the loss of the issuer's investment rating from at least two agencies is required for such actions," the minister said. As Vestnik Kavkaza reported, the international ratings agency S&P decided today to lower the sovereign credit rating of the Russian Federation to the "speculative" BB +.
Russian minister of finance Anton Siluanov rebuked the S&P ratings agency for excessive pessimism and underestimating the Russian economy.
"The decision demonstrates the excessive pessimism of the agency. It does not take into account some important factors that characterize the strengths of the Russian economy," TASS cited him as saying.
Among those factors he mentioned large international reserves that were accumulated, including sovereign wealth funds, the current account surplus and low public debt.
"These are indisputable advantages of Russia in the current macroeconomic conditions," he said.
According to Siluanov, the ministry of finance finds "no reason to dramatize the situation." "There's no need to talk about the origins of the formal reason for foreign investors to exit from Russian assets, since the loss of the issuer's investment rating from at least two agencies is required for such actions," the minister said.
As Vestnik Kavkaza reported, the international ratings agency S&P decided today to lower the sovereign credit rating of the Russian Federation to the "speculative" BB +.
