S&P Upgrades Outlook on Russia to Stable from Negative!

“Ratings agency Standard & Poor’s on Monday raised its outlook on Russia’s debt ratings to stable from negative, citing lower-than-expected budget deficits due to strong oil prices and cuts in state expenditure.

‘The stable outlook balances our opinion of the risks to Russia’s public finances from sensitivity to oil prices and the need for additional capital injections into the financial system, against the conservative budgetary stance,’ it said.

S&P said it had revised its outlook on Russia from negative while affirming its ‘BBB/A-3’ foreign currency and ‘BBB /A-2’ local currency sovereign credit ratings.”