Fitch Ratings has affirmed Russia's long-term foreign and local currency Issuer Default Ratings (IDR) at 'BBB' with Stable Outlooks, the international rating agency said on Thursday, RIA Novosti reports.
The short-term foreign currency rating and the country ceiling were affirmed, at 'F3' and 'BBB+', respectively.
“The affirmation balances Russia's strong sovereign balance sheet, net external creditor position and increasing exchange rate flexibility against its hesitant steps towards greater fiscal consolidation and structural reforms in the face of volatile oil prices and an uncertain global economic backdrop,” the agency said in a statement.
Russia retains a strong sovereign balance sheet relative to the 'BBB' category, the statement said.
