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Russian Finance Minister says Moody's downgrade had 'political character'

Moody's downgrade of Russia's sovereign rating was based on "factors of a political character," Russia's Finance Minister Anton Siluanov said early on Saturday following news that Moody's had cut the rating to below investment grade.

Siluanov also said that the downgrade was based on "unrealistic" forecasts with "no analogies", as the agency had made pessimistic assumptions that went well beyond forecasts by the IMF, World Bank and international banks.

He said the downgrade would not have a serious additional impact on the capital market as Russia's local currency rating from two other agencies remains at the investment grade level of BBB-. Local treasury bonds are currently seen by Russia as the only source of borrowing, Siluanov said.

(Makes clear in third paragraph that BBB- investment grade rating for local debt is from two other agencies)

[Source: Reuters, Mowcow, 20Feb15]

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small logoThis document has been published on 23Feb15 by the Equipo Nizkor and Derechos Human Rights. In accordance with Title 17 U.S.C. Section 107, this material is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes.