Fitch Ratings has affirmed Russia's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BBB' with a Stable Outlook, APA-Economics reports citing the Agency.
Russia's 'BBB' IDRs balance its credible and consistent policy framework, and robust public and external balance sheets, underpinned by a solid sovereign net foreign assets position and low government debt, with low growth prospects, high commodity dependence and weak governance indicators relative to peers. The Stable Outlook reflects Fitch's view that Russia's policy response to the unprecedented shock of the COVID-19 pandemic and extreme volatility in oil prices will contribute to anchor macroeconomic stability improvements and preserve the strength of the sovereign balance sheet. Moreover, a strong commitment to inflation targeting, exchange rate flexibility and a prudent fiscal strategy support Russia's increased resilience to shocks and reduce the impact of oil price volatility on the economy.
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