Wednesday, February 04, 2009

RUSSIA'S CREDIT RATING DOWNGRADED

Unsurprisingly, Fitch has slashed (link) Russia's credit rating to BBB, just two ranks above the junk grade. The main driver behind lower credit grade is a deteriorating shape of capital markets accelerated by a snip decline in commodity prices which, of course, left an open struggle for the financial sector to refinance the external debt which is a difficult task if the financial sector suffers from unstable macroeconomic environment with high and volatile inflation rate (14.1 percent in 2008) and possible exchange-rate overshooting.

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