The Russian ruble gained today as Standard & Poor’s reaffirmed Russia’s sovereign credit rating, alleviating concerns about a potential reduction of the grade to junk.
S&P maintained Russia’s credit grade at BBB-, one notch above the junk rating. The agency cited the following reason for such decision:
We expect Russia will maintain a strong net external asset position and moderate net general government debt in 2014–2017.
The announcement helped the ruble, which was falling previously due to concerns about a potential rating reduction. Yet not everything was good in the report as the outlook remained negative.
USD/RUB fell from 41.6979 to 41.9650 as of 20:48 GMT today.
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