DAVOS, Jan 22 (Reuters) - Russian firms may carry out a number of buy-backs of their own debt in 2015, Yuri Solovyov, a first deputy chairman at VTB Bank, Russia’s No. 2 bank, told reporters.
“This would be the right move as fundamentally the market is undervaluing Russian companies’ ability to service their debts,” he told reporters at the World Economic Forum in Davos.
Russia is under Western sanctions over its role in the Ukraine crisis, with the rouble losing around a half of its value against the dollar since early last year.
Its sovereign debt rating could also be cut to ‘junk’ status by global rating agencies in the near future.
Reporting by Dmitry Zhdannikov; writing Katya Golubkova; Editing by Alexander Winning