Fitch pulls Russia from junk

Fitch Ratings said it upgraded the Russian Federation's long-term foreign and local currency ratings to BBB- from BB+.

The short-term rating is also upgraded to F3 from B, the country ceiling to BBB- from BB+ and ratings for the MinFin 5 and 8 bonds to BB+ from BB. The outlook is stable.

"Fitch's upgrade of Russia's sovereign rating to investment grade is testimony to its remarkable improvement in creditworthiness over recent years. An exceptional macroeconomic performance, helped by high oil prices and broadly prudent fiscal policy, is continuing to lead to marked declines in its public and external debt ratios, a massive accumulation of foreign exchange reserves and a build-up in its oil stabilization fund," said Fitch's Edward Parker.

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