While most oil-exporting nations saw international agencies knocking down their sovereign credit ratings amid the crisis spurred by the Covid-19 outbreak, S&P Global Ratings confirmed Russia’s rating at BBB- with a stable outlook.
In its report on Friday, the agency said that the Russian economy is expected to contract by 4.8 percent this year due to lower oil prices, OPEC+ cuts, and the fallout from the pandemic. However, the country is expected to weather those economic shocks, thanks to a flexible exchange rate and fiscal balance, while their impact on the economy will be more modest than in developed countries.
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