Min: Econ reforms to return invest-grade rating to Russia in 2017

MOSCOW, Mar 20 (PRIME) -- The start of fulfillment of a structural reform plan will return an investment-grade rating to Russia already in 2017, Economic Development Minister Maxim Oreshkin told reporters late on March 17.

Earlier on March 17, international rating agency S&P improved its outlook on Russia’s sovereign rating, currently at BB+, to positive from stable.

Oreshkin said that the S&P decision was made after a series of meetings between representative of the ministry and experts of the agency, where current dynamics of Russia’s economy, forecasts and plans of action were discussed.

“Finalization of a plan of structural changes and the start of its fulfillment are a necessary condition to raise the rating to investment grade,” Oreshkin said.

Finance Minister Anton Siluanov told reporters that an improvement of Russia’s credit rating outlook by S&P means that the government’s measures to reduce the economy’s dependence on external factors are highly appreciated.

Siluanov welcomed the decision. “I am sure that results of further measures planned by the government, including the budget rule (oil price-bound limit on spending), fine-tuning of the tax system, elaboration of a plan of action to accelerate growth, will favor Russia’s return to the list of investment-grade rating states,” he said.

CEO of the Russian Direct Investment Fund (RDIF) Kirill Dmitriev said that Russia is worth regaining an investment-level rating in 2017 because there were preconditions for that even in 2016.

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