Siluanov named the cause of preservation of Russia’s rating to investment grade last stage – Interfax

Moscow. April 16. INTERFAX.RU – Save the rating at investment level allowed Russian achievements in the field of macroeconomic policy, says Finance Minister Anton Siluanov

“Achievements in the field of macroeconomic policy (adaptation of the balance of payments, the stabilization of the economic dynamics, a sharp slowdown in inflation). and ongoing communication with rating agencies has helped to keep Russia an investment grade rating, “- said Siluanov reporters, commenting on the decision of the international rating agency Fitch ratings, affirmed long-term issuer default ratings (IDR) of the Russian Federation in national and foreign currencies, leaving them at the last stage of the investment level – “BBB -”.

“our next challenge – in the framework of preparation of the budget for the coming three-year to provide structural changes in the economy, contributing to the acceleration of economic growth, including through the provision of gradual fiscal consolidation, reducing the budget deficit, as well as adoption of a new fiscal rule “, – said the Minister

in Fitch’s announcement of the decision on the rating of Russia noted that the level of ratings.” BBB- “reflect the strong position of the external balance and sovereign Russia and low financing needs against the backdrop of structural weaknesses, the dependence on raw materials and risk management organization, low growth potential and geopolitical tensions.

According to agency estimates, the external risks for the Russian Federation over the past 12 months decreased. Including reduced fears of sharp spending of international reserves under capital outflows and the need to repay debt.

According to Fitch analysts, Russia’s GDP will shrink by 1.5% this year after falling by 3.7% 2015, and the federal budget deficit will increase in 2016 to 3.9% of GDP compared to 2.4% of GDP a year earlier.

The medium-term growth potential of the Russian economy is limited to the level of less than 2% per year, which is worse the average for the group of “BBB” 3,3%.

Fitch expects that the surplus of the current account balance of payments in 2016 will be sufficient to cover expected capital outflow of $ 40 billion. at the same time international reserves will cover more than 12 months of current external payments, while the median for the rating group “BBB” is 5.6 months.