Moody's Affirms Russia's Baa3 Ratings with Stable Outlook

Moody's affirmed Russia's sovereign rating at Baa3 with a stable outlook.

Russian Finance Minister Anton Siluanov said that the credit rating agency can be considered evidence of the success of the Russian economy in overcoming the effects of the coronavirus pandemic crisis.

Siluanov said that this decision "can be considered as a consensus among the three major credit rating agencies regarding the success of the Russian economy in overcoming the negative repercussions of the corona crisis."

He noted that only a few countries among the G20 managed to maintain their position in the ranking since the beginning of 2020.

It is noteworthy that Fitch affirmed Russia's credit rating at BBB- with a stable outlook last February, while Standard & Poor's  (S&P) confirmed the same rating for Russia.

Meantime, Russia will cutting the U.S. dollar from its $186 billion National Wealth Fund as Washington continues to impose sanctions on Moscow.