Standard & Poor's confirmed the long-term currency credit rating of Russia at the level of "BB+" with the negative outlook. The long-term national currency rating was confirmed at "BBB-", the international rating agency said on February 17.
Standard & Poor's confirmed the long-term currency credit rating of Russia at the level of "BB+" with the negative outlook. The long-term national currency rating was confirmed at "BBB-", the international rating agency said on February 17.
TASS reports that S&P were to revise the Russia’s rating on March 18 in accordance with its calendar. However, the rating was reconsidered earlier in view of the downward revision of the oil prices outlook.
According to the new assumption of S&P, an average Brent oil price is expected to be $40 per barrel in 2016 and only $50 a barrel in 2018 and thereafter. Nevertheless, "we do not project a material worsening in our economic, fiscal, and external assessments, and have therefore affirmed our ratings on Russia", the rating agency stressed.
S&P added that the sanctions on Russia are likely to remain in place over the forecast horizon.