Moody's присвоило России инвестиционный рейтинг

/REUTERS, Москва, 08.10.03/ - Международное рейтинговое агентство Moody's повысило суверенный рейтинг России до "Baa3", что соответствует инвестиционному рейтингу, со спекулятивного "Ba2", говорится в сообщении Moody's. Рейтинг еврооблигаций РФ повышается до "Baa3" c "Ba2", рейтинг ОВГВЗ 6 и 7 траншей - до "Ba1" c "Ba3", 5 транша - до "Ba2". Прогноз изменения всех рейтингов - стабильный. Изменение рейтинга отражает приверженность РФ жесткой бюджетной и долговой политике, серьезное улучшение ситуации с долгом, создание стабилизационного фонда и уменьшение политических рисков, говорится в сообщении. Ниже приводится оригинальный текст сообщения от агентства Moody's Investors Service: MOODY'S REPORTS: RUSSIA'S COUNTRY CEILING RAISED TO Baa3 FROM Ba2; DEPOSIT CEILING AND DOMESTIC RATINGS ALSO UPGRADED London, 08 October 2003 - Moody's Investors Service raised Russia's country ceiling for foreign currency bonds and notes and the ratings for all outstanding Eurobonds of the Russian Federation to Baa3 from Ba2. Simultaneously, the agency raised the rating for rouble-denominated bonds to Baa3 and moved the ceiling for foreign currency bank deposits to Ba1 from Ba3. The ratings for so-called "Russian era" tranches of the Ministry of Finance (tranches VI and VII) were raised to Ba1 from Ba3. The so-called "Soviet era" tranche of the Ministry of Finance (tranche V) was lifted to Ba2. The outlook on all ratings is stable. Moody's says that the upgrades reflect the strengthening of the government's commitment to prudent fiscal and debt management policies, significant improvements in debt and liquidity ratios, the formation of a "stabilization fund" to deal with any downturn in commodity prices and government revenues, and a diminution of sovereign political risk. The rating agency points out that there has been a reduction in the centrifugal political pressures that have been associated with fiscal federalism, due to a lessening of the political power of the regional authorities. Moody's also believes that the political infighting both inside and outside the center of power in Russia, the Presidential Administration, does not threaten the broad direction of pro-market economic reform and development. Finally, Moody's argues that it is unlikely that any party configuration resulting from December's Duma elections will have a significant impact on the country's fundamental medium-to-long term economic performance and direction. It is possible, however, that some configurations would slow the speed with which structural reforms are pursued, the rating agency adds. Moody's notes that Russia has taken advantage of the window of opportunity provided by high oil prices and by the post-1998 devaluation to prepay foreign currency debt and to build foreign currency reserves (which will approach $65 billion by year-end). The government has also set up a stabilization fund that, by year-end 2003, should hold $7 billion. A broad political consensus now exists on the need to maintain fiscal discipline, the rating agency believes. Moody's also notes that Russia will need to spend only between 3% and 6% of federal government revenues during 2004 - 2006 on debt service payments for its Eurobonds and Ministry of Finance tranches. By one indicator (external debt/GDP), Russia's debt has been more than halved since 1999, while general government debt/GDP has dropped from nearly 100% to 33% during the same period. Moody's points out that Russia's local currency debt remains small and manageable. Moreover, the growth of pension funds will help to strengthen the country's local capital markets during the medium term. Moody's acknowledges that Russia's rapid economic growth has been powered by high oil (and other commodity) prices and the positive effects of the currency devaluation. Nevertheless, the rating agency believes that Russia would be able to weather a significant downturn in these prices over the medium term without any risk to comprehensive, timely debt servicing. New York Jonathan R. Schiffer VP - Senior Credit Officer Sovereign Risk Unit Moody's Investors Service JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653 New York David H. Levey Managing Director Sovereign Risk Unit Moody's Investors Service JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653 [2003-10-08]