Page 113 - RusRPTSept21
P. 113
Given that Sova Capital expect 3Q21 to be even stronger than 2Q21 and supportive for the stock price, Sova Capital still see room for it to grow, and reiterate its Buy recommendation.
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
113 RUSSIA Country Report September 2021 www.intellinews.com
