/Interfax-Kazakhstan, July 9, 04/ - International rating agency Moody's has affirmed Russia's "Ваа3" sovereign rating on instruments in foreign and in national currencies.

Besides, the top of ratings of banks' dollar deposits was affirmed on the level of "Ва1", says the agency's press-release.

Rating outlook remains "stable".

Moody's notes that recent negative events concerning several Russian banks, probably, will not undermine good macroeconomic grounds of RF economy in mid- and long-term outlook. The agency believes the government is not to have any worsening in the possibility and readiness to fulfill debt liabilities in time and in full volume.

Russia's gold and foreign exchange reserves exceed $85 bn., stabilization fund is over $6 bn. Short-term foreign debt of the country is 20% of total liabilities volume, which fell to 40% of GDP, and scheme of debts repayment is not burdensome, says the press-release of Moody's. Short-term instruments in the national currency do not exceed 1% of total volume of rouble debt, which is equal to 5% of GDP.

Despite the problems, which several private banks have faced, Moody's assumes the risk of announcement of moratorium for dollar deposits payment still corresponds to "Ba1" rating.

[2004-07-09]