Russia Credit Rating Kept Above Junk by S&P on Reserves - Bloomberg

Russia Credit Rating Kept Above Junk by S&P on Reserves - Bloomberg:



"Russia’s investment-grade credit rating was affirmed by Standard & Poor’s yesterday, easing concern that a downgrade to junk may deepen a selloff in the ruble and other assets.



S&P held Russia’s ranking at BBB-, according to a statement, while retaining the country’s negative outlook. The grade puts Russia on par with Brazil and South Africa. S&P last cut the rating in April, downgrading Russia for the first time in five years.



“The ratings are supported by the economy’s net external asset position and the Russian government’s modest net debtor position,” S&P said in the statement. “The ratings remain constrained by our view of the structural weaknesses in Russia’s economy, in particular the strong dependence on hydrocarbons and other commodities.”"



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