Ratings of international observers were always a good reason for discussion. Earlier this year, Fitch, one of the most important rating agencies, released its estimate of long-term sovereign credit rating of Russia. All economists and politicians watch closely this rating agency’s estimates since they reflect real creditworthiness, solvency, asset quality and other characteristics of a country. Thus, Fitch Ratings affirmed Russia's long-term credit ratings at 'BBB', and maintained the stable outlook. The short-term rating was confirmed at ‘F3’. Fitch said that the key rating drivers were low national debt of around just 11% of GDP and sovereign net foreign assets of 23% of GDP. Russia’s government is aimed to keep its fiscal deficit within the range of 0.5% - 1% of GDP through 2016. Overestimated oil and gas sector revenues can thwart the plans of the government. However, weakening ruble can compensate for this problem. Taking into account the fact that revenues are calculated in rubles, the difference will be not that much. In late 2013, Standard & Poor's affirmed Russia’s long-term sovereign foreign currency rating at ‘BBB’ and local currency rating at ‘BBB+’. The outlook was stable as well.
