Moody’s compared Russia with garbage – expert opinion – Moskovsky Komsomolets

Moody's compared Russia with garbage – expert opinion – Moskovsky Komsomolets

International agencies reduce the ratings of domestic companies

Yesterday, 20:04, Views: 1856

The international rating agency Moody’s announced that it would reduce the credit ratings of more than 60 major domestic companies whose securities are traded on world markets. It’s not just about the energy sector, but also the structures in the field of telecommunications, finance, logistics and automotive. The agency explains his actions “serious deterioration of working conditions for Russian companies,” which is caused by “sharp changes of the ruble,” increase the key rate, as well as the expectation of the downturn in the economy. Experts “MK” believe that the decision to reduce the rating to “junk” (ie, our securities will not buy one) more politics than economics, but much harm from it until it is.

Photo: Natalia Muschinkin

Alexander Razuvaev, Head of Research “Alpari»:

– Moody’s – is not the only agency playing on a slide. S & amp; P also put on review of the sovereign ratings of Russia. Although the situation with the Russian public finances does not seem alarming. The budget surplus in 2014, while international reserves exceed $ 400 billion. Some countries have financial ratios worse than Russia, and a rating above.

There’s more politics than economics, so I think that a specific harm This step is not. On the capitalization of the companies, that is, their stock quotes, Moody’s decision is not affected. Debts in the West in 2014 have been closed, and in case of difficulties in the future, the state will help foreign currency loans of state banks. This, incidentally, is recognized representatives of the agency, noting that the risk that the Company will not be able to find the currency to make payments on its debt, “remains low».

However, the outflow of capital and sanctions, close the outer credit window, actually killed the Russian stock market. Securities of domestic companies underestimated at times. However, wanting to buy them in the world is now a little. Only risky speculators. In my opinion, the rating agencies – Guides political message of the US and the UK. They slept through the collapse of Lehman Brothers (US investment bank went bankrupt in 2008. – “MK”) and the recent European sovereign debt crisis. Rely solely on the ratings difficult. Practice many times argued that, trusting agencies can simply lose money.

Konstantin Komissarov, Advisor to the Chairman of the Board of Directors of one of the capital of banks:

– course , reducing the rating outlook to negative side is not always the best way affects the interest of investors in companies. This is bad for banks and for other reasons. The fact that, in accordance with the recommendations of the Basel-III (the Basel Committee on Banking Supervision, containing certain requirements in the field of banking regulation. – “MK”), if the bank gets nereytingovannye bonds escaping from the investment category, for such an operation it must have surplus capital. Therefore, banks would have to increase to about 1/3 of its capital. This would lead to a massive sell-off in the market. However, the Ministry of Finance and Economic Development suggested fix for the calculation of the rating as of the month of September. Such a measure will help to temporarily remove the problem, so that even from this point of view, much of the negative test banks.

It is much worse when the reduced credit rating of Russia itself. If we lose one more step, the positions have slipped to the level of “garbage”, and it will symbolize a red light for all institutional investors, including Asian. And this is serious.