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currency debt.
Moody’s last upgraded Russia froma1 (Positive) in January 2018 as the economy started to emerge from several years of recession. The lowest rating the country had was3 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 wasaa1 in March 2013 as economyouncedack from the 2008 crisis.
Fitch rates Ukraine atBB- onoth its foreign and local currency debt with no outlook indicated.
Fitch haseen a lot more upbeat on Russia and has consistently ranked if with a treble 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 wasaa1 in March 2013 thanks to the economic rebound that year.
Standard & Poor’s (S&P) ratesoth Russia’s foreign debt atBB- with stable outlook and the local debt atBB.
S&P has also been fairly consistent on Russia’s rating. Its lowest grade wasB+ (negative) awarded in January 2015. The highest wasBB awarded in December 2008.
96 RUSSIA Country Report October 2021 www.intellinews.com