August 9, 2019 / 8:26 PM / 2 months ago

Fitch upgrades Russia's rating with stable outlook

Aug 9 (Reuters) - Global rating agency Fitch upgraded Russia’s investment grade rating on Friday to ‘BBB’ from ‘BBB-‘, citing ‍strengthened policy mix, robust fiscal and external balance sheets, which it said will help the country cope with heightened sanctions risk​.

Since 2017 Fitch had maintained ratings on Russia’s debt at ‘BBB-‘, with a positive outlook, and analysts were doubtful it would raise the rating now in the wake of a sluggish Russian economy and the ongoing global trade war.

The upgrade comes at a time when top borrowers in the country have joined calls to let banks use domestic ratings, citing difficulties in forecasting the accessibility of external markets. (Reporting by Devbrat Saha in Bengaluru and Andrey Ostroukh in Moscow; Editing by Arun Koyyur)

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