Moody’s revises Russia view to stable

Moody's Investors Service said it changed the outlook on Russia's Ba1 government bond rating to stable from negative and affirmed its government bond rating and issuer rating at Ba1 and short-term rating at Not Prime (NP).

Moody’s said the main driver for the outlook change is the government's enactment of a medium-term fiscal consolidation strategy that is expected both to lower the government's dependence on oil and gas revenues and to permit the gradual replenishment of its savings buffers.

In addition, the Russian economy is now recovering after a nearly two-year-long recession, the agency added.

Moody's said it believes that, when combined, those two factors have eased the downside risks it identified last year when it assigned the negative outlook.

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