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S&P confirms Russia's "stable" credit ratings

(Xinhua)

09:05, September 01, 2011

MOSCOW, Aug. 31 (Xinhua) -- International rating agency Standard & Poor's (S&P) confirmed Russia's stable sovereign credit ratings on Wednesday, giving A-3 for its short-term foreign currency sovereign rating, and BBB for long-term.

The long-term rating for Russia's ruble-nominated bonds remains at BBB+ level, while short-term rating is re-confirmed at A-2 level, S&P said.

All these ratings were given a "stable" forecast, reported Itar- Tass news agency.

Russian stock markets grew following the S&P announcement on Wednesday, with the RTS index up by 1.77 percent and MICEX index up by 2.02 percent.

Meanwhile, S&P warned that Russian economy remains dependent on raw materials, including oil and gas.

S&P estimated Russia's GDP at 12,650 U.S. dollars per capita.


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