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Russia to Become A-Class Borrower
The chance is solid that Moody’s will upgrade Russia’s sovereign score already in April. The grounds are the hopes for continuity of economic policy in time of Dmitry Medvedev’s presidency. But Moody’s is apprehensive about high inflation in the country and economists analysts caution against expectations of material reforms.
Moody's placed past week the Baa2 sovereign score of Russia on review for possible upgrade. The reasons are the favorable macroeconomic situation and high probably of continuity of macro-policy in time of Dmitry Medvedev.
“In view of the agency’s methodology, Russia’s rating could be upgraded in the following two to four weeks,” concluded Nikolay Podguzov from Renaissance Capital. Another good news is that the scores of ten banks of Russia were placed on review along with the sovereign rating.
The list of such banks sets forth eight banks with the government’s share (VTB, VTB North-West, VTB 24, Rosselkhozbank, Sberbank, Vneshekonombank, Gazprombank, the Bank of Moscow) and two foreign banks (Raiffeisenbank and DeltaCredit). The analysts expect the news to improve investors’ attitude to the bonds of Russia’s financial sector that suffer from great pressure built up by the negative trends on global markets.
It is yet unclear whether Moody`s will upgrade the country’s sovereign rating by a step or by two. Its score is a step below the ratings of S&P and Fitch, so it could be two steps actually. Should it happen, Russia will finally join the league of borrowers of A-category.
www.kommersant.com
All the Article in Russian as of Mar. 31, 2008
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