The international rating agency Fitch affirmed Russia’s long-term Issuer Default Rating at BBB, while the rating outlook was reduced from Positive down to Stable, the agency reports.

‘The political instability is on the increase in this country, while the global economy development forecast has worsened since the agency last confirmed Russia’s rating in September 2011,’ the agency’s release states.

Fitch also affirmed Russia’s short-term rating at F3 and the country ‘ceiling’ at BBB+.

The likelihood of a rating promotion that was strong with a Positive outlook is now lower, so the current state of affairs is best reflected through the Stable rating outlook.