"Russia had its credit rating affirmed at BBB, the second-lowest investment grade, by Standard & Poor’s, dashing the government’s hopes for the country’s first upgrade in five years before a potential $7 billion bond sale.
Weak institutions and the budget’s reliance on oil revenue continue to offset the country’s robust public finances, S&P, which kept the outlook at stable, said in a statement released today. Russia was last upgraded to Baa1 at Moody’s Investors Service in July 2008.
The world’s largest energy exporter has had its ranking on hold since S&P cut it in December 2008 and Fitch Ratings did the same the next year after crude prices plunged. Russia seeks to boost the debt grade no less than two steps to A- by 2016 and another level to A by 2020, according to a government plan approved in March."
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