Standard & Poor’s international rating agency sent documents to the Bank of Russia at the turn of December 2016 for registration of a branch in Russia, according to Russian sources.
S&P reportedly sent a package of documents required for registration of the company’s branch to the Bank of Russia on December 28, 2016. Documents are currently reviewed by the Russian regulator.
Foreign rating agency should complete the registration procedure at the latest of July 13, 2017 in accordance with regulatory requirements.
Moody’s international rating agency, on the other hand, forecasts that Russia’s GDP will grow by 1% in 2017. “Moody’s projects that Russia, the largest economy by far among the nine countries, will record positive, albeit modest, real GDP growth of 1.0% in 2017 after two years of recession. This upturn will lift the broader region due to trade and financial linkages,” the agency said.
According to the agency’s experts, “stabilization of oil prices has eased the direct and indirect economic and fiscal pressures on the nine rated sovereigns in the Commonwealth of Independent States region.”
“Still, the region’s overall credit outlook for 2017 is negative, driven by subdued economic recovery, external vulnerabilities in those countries with high foreign currency debt and the likelihood that political considerations will delay structural reforms that would bolster potential growth,” Moody’s Investors Service said in the report.
Moody’s forecasts median growth to rise to 2.0% in 2017 from 1.0% in 2016, and a further rise to 3.0% in 2018.