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Cristian Maggio, head of emerging markets strategy at TD Securities, notes that the rating agency Moody’s raised Russia’s ratings to investment grade (IG) on Friday, 8 February, for the first time since 2015.

Key Quotes

“Moody’s now assigns Russia’s debt a Baa3 rating and stable outlook.”

“Moody’s has joined S&P and Fitch, which both assign Russia an equivalent BBB- rating. With Moody’s decision last week, Russia is now fully IG rated.”

“Moody’s decision highlighted “the positive impact of policies enacted […] to strengthen Russia’s already robust public finance and external metrics.”

“Moody’s also mentioned the country’s reduced vulnerability to external shocks, including new sanctions. The stable outlook reflects evenly balanced risks.”