Fitch downgraded the sovereign ratings of Russia’s foreign and local currency ratings by one notch – to «BBB-» – with a “negative” outlook
Moscow believes that the decrease in Russian International rating agency Fitch is politically engaged. Government expert called it “politically engaged, no partner, economically totally unmotivated,” according to Tass.
The international rating agency Fitch downgraded the long-term January 9 Russia’s sovereign rating in foreign and local currency ratings by one notch – from «BBB» to «BBB-« – with a “negative” outlook.
The short-term foreign currency rating was affirmed at «F3», «ceiling” on the ratings lowered from «BBB» to «BBB-». «BBB-» – the lowest rating in the category, which investors are referred to as “investment».
According to the statement “Fitch”, the downgrade of the Russian Federation due to the sharp deterioration of the economic prospects of the country since the mid-2014 year on the back of falling oil prices, the depreciation of the ruble and rising interest rates.
Experts «Fitch» predict that this year Russia’s GDP will shrink by 4%, whereas previously it was assumed that the decline was only 1 5%.
According to agency forecasts economic growth in Russia will resume no earlier than 2017. Inflation in Russia at the end of 2015, as the «Fitch», will be 8,5%.
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