From: MSN NicknameEagle_wng (Original Message) Sent: 10/27/2005 3:42 AM Russia Upgraded to Barbados Moody`s upgraded Russia’s sovereign rating to Baa2 yesterday, October 26, 2005. This move of the rating agency has failed to inspire investors, who apparently look forward to the higher score, in vain though. The yesterday’s upgrading of Russia’s rating makes it equal to such states as Barbados, Trinidad and Tobago, Mauritania and Tunisia. Having pioneered with the investment rating for Russia more than two years ago, Moody’s was in no hurry with the following upgrade. Fitch gave the BBB to Russia in August, Standard & Poor’s still keeps the minimal investment score of BBB-.
When speaking about the reasons that prompted the agency to upgrade Russia’s score, Moody's analysts point to the rapid growth of gold/foreign exchange reserves and stabilization fund in Russia coupled with deliberate budget policy, stable political situation and readiness to settle the debts, including in advance. At the same time, Russia should improve competition in economy, develop budget federalism, polish up the system of justice and fight corruption. It needs to speed up development of capital market, set up the procedures for sterilizing the excess money supply and reducing inflation. In other worlds, Russia’s rating was upgraded on the quantitative indicators, while its quantitative factors are not particularly promising. by www.kommersant.com
Russian Article as of Oct. 27, 2005 http://www.kommersant.com/page.asp?id=621419
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