Moody’s upgrades Russia

Moody's Investors Service said it upgraded Russia’s issuer and unsecured senior debt ratings to Baa3 from Ba1 and its other short-term rating to Prime-3 (P-3) from Not Prime (NP).

The outlook was changed to stable from positive.

“The upgrade of Russia's ratings reflects the positive impact of policies enacted in recent years to strengthen Russia's already robust public finance and external metrics and reduce the country's vulnerability to external shocks including fresh sanctions,” the agency said in a news release.

“The stable outlook reflects evenly balanced upside and downside credit risks.”

In a related decision, Moody's said it raised Russia's country ceilings on foreign currency debt to Baa2/P-2 from Baa3/P-3, its country ceilings on foreign currency bank deposits to Baa3/P-3 from Ba2/NP and its country ceilings for local currency debt and deposits to Baa1 from Baa2.

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