Russia: Stable outlook.

Spain – Russia

Moody's is the latest rating agency to improve Russia's credit outlook, from "negative" to "stable".

The agency views the economic recovery positively, following a nearly two-year recession, along with the fiscal consolidation strategy. Russia has a Ba1 rating, just below investment grade. The deficit-to-GDP ratio is projected to decrease by approximately one percentage point per year between 2017 and 2019. S&P and Fitch have also upgraded Russia's outlook in recent months, noting that external risks are diminishing.

Source: CESCE

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