In making its decision on downgrading Russia's sovereign debt rating to Ba1, Moody's Investors Service proceeded from an extremely pessimistic scenario and was guided by political factors, says Russian Finance Minister Anton Siluanov.
"I view Moody's judgment as not only extremely negative but also as based on an extremely pessimistic forecast having no analogues today," Siluanov said in commenting on Moody's decision to journalists on Saturday.
Head of the Civic Initiatives Committee and former Russian Finance Minister Alexei Kudrin sees Moody's Investors Service's decision to further downgrade Russia's sovereign debt rating as hardly reasonable.
"I admitted the possibility that Russia's rating could be lowered to the junk level, but I can hardly find reasons to explain this now," Kudrin said on Twitter on Saturday.
Moodys' Investors Service downgraded Russia's sovereign debt rating to Baa3 from Ba1 with the negative outlook in the early hours of Saturday.
According to former Russian finance minister Alexei Kudrin, the fall in Russia’s GDP and the accompanying stagnation may last for years. Kudrin, who is currently head of the Civil Initiatives Committee, an NGO that promotes civil rights in Russia, discussed the country’s economic future.
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