Fitch Keeps Russia's Issuer Default Rating Unchanged At 'BBB-' With Positive Outlook

MOSCOW (UrduPoint News / Sputnik - 16th February, 2019) Fitch Ratings said it maintained Russia's issuer default credit rating at BBB- with a positive outlook, citing the country's strong balance sheet and progress in strengthening the its economic policy framework.

"Fitch Ratings has affirmed Russia's Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at 'BBB-' with a Positive Outlook," the agency said in a statement.

"Russia's ratings balance a very strong sovereign balance sheet, robust external finances and a credible macroeconomic policy framework against weaker growth prospects than peers, high commodity dependence, weak governance standards and geopolitical tensions.

The Positive Outlook reflects continued progress in strengthening the economic policy framework underpinned by a more flexible exchange rate, a strong commitment to inflation- targeting and a prudent fiscal strategy," the statement added.

The agency also noted that this economic policy framework helped Russia ensure resilience to shocks and preserve macroeconomic and financial stability despite the increasing likelihood of sanctions and lowering interest on the part of investors last year.