Russia: Standard & amp; Poor’s demonstrates excessive pessimism
Moscow – The Russian government said Monday that Standard & amp financial reporting agency; Poor’s downgraded the long-term debt of Russia, placing it in the speculative category was evidence of excessive pessimism and called not to dramatize the consequences of this decision.
The decision was taken demonstrates excessive pessimism and does not take into account a series of factors that are the strength of the Russian economy, said Russian Finance Minister Anton Siluanov, quoted by Russian news agencies.
He cited the high level of foreign exchange reserves available to Russia, currently at $ 379 billion, and the low level of external debt of Russia.
With its decision lowering the debt rating of Russia to BB +, Standard & amp; Poor’s is the first international agency to be classified in the category of sovereign debt say rotten in financial jargon.
Expected this sanction fears an acceleration of Russian capital flight, already at record levels in 2014 because of the Ukrainian crisis, worsening its economic difficulties even though a deep recession is already emerging for this year.
We see no reason to dramatize the situation. There is no material to speak of objective reasons for foreign investors to dispose of Russian assets, said Mr. Silouanov. He explained that he had at least two rating agencies rate debt of Russia in the speculative category to force some institutions to sell their Russian public debt.
There is no no more reason to anticipate massive demand from investors for early repayment of the debts of Russian borrowers, he said.
The Minister also held that the decision of the US agency, anticipated by the markets, should not have a serious impact on capital markets
(© AFP / January 26, 2015 10:26 p.m.).
(AFP / 1/27/2015 0:37) ^ ->
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