The international rating agency recently promoted the Rating Outlook for the Russian Federation’s long-term Issuer Default Ratings for both foreign and national currencies from Negative to Stable. What is more, these ratings were affirmed at their current BBB level. At the same time, Fitch Ratings affirmed the country’s short-term foreign currency Issuer Default Rating and the country ceiling rating at F3 and at BBB+, respectively.

‘The promotion of Russia’s Rating Outlook to Stable indicates that we are now feeling more confident about the country’s economic and financial stability. Also, the global oil prices are on the increase, the net capital inflow has improved in the private sector, the economic activity is up and the inflation is down. Finally, the banking sector risks have declined and the budget deficit last year was lower than expected,’ Edward Parker, Fitch's head of Emerging Europe, was referred to as saying.