Moody's Investors Service, which has placed the Russian ratings on review for further downgrade, will further analyze the situation in the Russian economy and measures the government is taking to lower budget risks, Russian Finance Minister Anton Siluanov has said.
Moody's reported in a press release on March 4 that it had placed Russia's Ba1 government bond and issuer ratings on review for downgrade. The agency mentioned a low oil price and its impact on Russia's economic performance and government balance sheet as the key reasons for the decision.
Unlike in 2014, when Russian officials described decisions by international rating agencies regarding Russia as politically motivated, this step taken by Moody's did not draw any criticism.
"This judgment by the Moody's agency shows the need for adapting the budget system to a new reality on the commodities market. The Russian government has already prepared measures to promptly respond to the current economic situation and is working on balancing the budget for the midterm," Siluanov told journalists on March 5.
"The Moody's agency has taken two months to analyze the situation more thoroughly. The Finance Ministry will maintain permanent contact with agency representatives and will provide them with all the necessary information so that they could analyze the condition of the Russian economy comprehensively and impartially," he said.
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