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    93.69%, while notifying the London Stock Exchange that it will delist. BCS Global Markets on November 5 recommends participation in the offer, as Fortiana seeks to delist HGM from LSE, which will decrease the marketability and liquidity of HGM’s shares. The analysts see the buyback news as neutral and maintain a Hold recommendation on the shares. HGM ​reported a revenue increase of 12% year on year to $195mn under IFRS in 1H20​ on higher realised gold prices outweighing lower sales volumes, with Ebitda up by 11% y/y to $96mn, making a margin of 50%.
   8.4 ​International ratings
   Russia - Rating agency
     as of July 1, 2020
  last change
   Moodys (USD rating)
      Baa3 (S)
   02/08/19
   Fitch (USD rating)
      BBB (N)
   09/08/19
 S&P
  BBB- (S)
   23/02/18
        Russia’s credit ratings have been improving ​and all three ratings agencies have returned Russia to “investment grade” status (BBB- or more by S&P and Fitch, Baa3 by Moody’s).
Moody’s rates Russia at Baa3​ with stable outlook on both its foreign and local currency debt.
Moody’s last upgraded Russia from Ba1 (Positive) in January 2018 as the economy started to emerge from several years of recession. The lowest rating the country had was B3 in August 2008 following the collapse of the ruble that year and technical default on the GKO state treasury bills. The highest the country has scored was Baa1 in March 2013 as economy bounced back from the 2008 crisis.
Fitch rates Ukraine at BBB-​ on both its foreign and local currency debt with no outlook indicated.
Fitch has been a lot more upbeat on Russia and has consistently ranked if with a treble B rating since 2004 of one sort or another, as it take more account of Russia rock solid fundamentals – the low external debt and large currency reserves. The lowest rating it had was CCC in August 2008 following the currency meltdown. The highest rating was Baa1 in March 2013 thanks to the economic rebound that year.
Standard & Poor’s (S&P) rates both Russia’s foreign debt at BBB-​ with
 92 ​RUSSIA Country Report​ December 2020 www.intellinews.com
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