Moody’s improved the Outlook on the credit rating of Russia to “stable”

Moody’s improved the Outlook on the sovereign credit rating of Russia from “negative” to “stable” level, says the message of the organization.

In addition, Moody’s has left Russia’s credit rating at Ba1, according to the scale of the Agency is non-investment or “junk” level.

The Agency indicated that the main factors to change the Outlook on the credit rating was the “government’s adoption of the medium-term fiscal consolidation strategy, which should reduce the government’s reliance on oil and gas revenues and to allow a gradual replenishment of the stockpile.” Moody’s indicates that, in addition to this, the Russian economy is now recovering after two years of recession.

To improve the Outlook on the rating contributes to the rise in oil prices, which are consistent with the assumptions of the Russian government’s budget indicates the Agency.