"We expect the performance of sectors with a significant share of export and freight transit flows, such as rail freight, pipelines and ports, to remain stable overall," Moody’s Vice President and Senior Analyst Julia Pribytkova stated.
Moody’s explained that exporters have decided to relocate operations to Russia from the Baltic States, boosting turnover for Russian ports. Additionally, the exports may offset falling imports and increased competition.
Furthermore, the report noted that freight rates have recovered from recession lows, easing pressure on railway freight transportation companies, especially leasing companies. The improvement was enhanced by higher oil and commodity prices.
The Russian economy suffered a setback in 2014, as the ruble lost about half of its value against the dollar amid low global oil prices and Western economic sanctions imposed against Russia over the Ukrainian crisis.
