MOSCOW, February 2 (Sputnik) – The Chinese Dagong Global credit rating agency has decided to maintain the A/A local and foreign currency sovereign credit ratings of the Russian Federation with a stable outlook.
"Although the Russian economy has been mired in deteriorating external circumstances, a certain scale of fiscal and foreign exchange reserves provides necessary buffers, keeping the deviation degree between available debt repayment sources and the wealth creation capability of the Russian government relatively small, and subsequently securing a basically stable debt repayment capability," Dagong said in a press release Monday.
S&P downgraded Russia's sovereign rating from BBB- to a "junk" BB+, a status indicating a probable default, on January 26.
On January 9, Fitch downgraded Russia's sovereign debt rating to a BBB- amid falling oil prices and ruble depreciation, while Moody's downgraded Russia's credit rating back in October, 2014.
Kremlin spokesman Dmitry Peskov has said that the downgrades are politically motivated and do not reflect the real economic situation in Russia.
