The Fitch ratings confirms the growing interest of investors to Russia, said Manturov

© RIA Novosti / Vitaly to Belowaverage in fotomontaggi Agency Fitch Ratings. Archival photoThe Fitch ratings confirms the growing interest of investors to Russia, said Manturov© RIA Novosti / Vitaly to Belowaverage the image Bank

The Ministry of industry and trade of the Russian Federation notes that the investors ‘ interest in Russia is growing, and Fitch became the best proof of that, said the head of Ministry of industry and trade Denis Manturov, quoted by the press service of the Ministry.

International rating Agency Fitch on Friday improved the Outlook for the rating of Russia to «BBB-» from stable to positive, which corresponds to the lowest rung of investment grade.

«The increase in Fitch — absolutely logical and reasonable decision, which the markets were waiting for a long time. Has the whole «big three» rating agencies (even the S&P and Moody’s – ed.), assesses Russian risks as minimal and gives a positive Outlook. The country’s economy shows steady growth for several consecutive quarters, the exchange rate stabilized, as well as industrial production, which from the beginning of year has grown almost on 2%,» — said in the message.

«We see that investors’ interest in Russia is growing, and Fitch became the best proof of that. Among other things, Fitch notes the decline in oil revenues to 36%, which is significantly below the level of 2011-2014, and also predicts the reduction of the budget deficit and its output to zero by 2019. This became possible, including thanks to increased production in non-oil sectors of the industry, which consistently deals with the government. We expect the trend of avoiding dependence on raw materials will continue, which will undoubtedly have a positive impact on Fitch’s decision regarding the rating of Russia, and the next time the Agency will decide to increase it to investment grade,» — said Manturov.

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