Russian credit better

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Major credit rating agency Standard & Poor has followed the example of Fitch and Moody’s upgraded reclassification of Russia’s investment rating.

Despite the recent state seizure of Yukos, required tax and legal reforms, low debt, and strong government finances, controbuted to S&R upgrading Russia from “speculative” to “investment grade”.

Under President Putin, Russia has become creditor rather than a debtor, with gold and foreign currency reserves at $119 bn, exceeding public debt which is at $113 billion.