16 June 2004 09:27
FITCH ANALYSTS VISIT MOSCOW FOR REGULAR MONITORING
MOSCOW. June 16 (Interfax) - The current visit to Moscow by Fitch Ratings analysts is part of the regular monitoring
process, Managing Director of Fitch CIS in Moscow Natasha Page told Interfax.
A Finance Ministry source said earlier a group of Fitch analysts led by head of sovereign ratings Ed Parker would be
in Moscow June 15 - 17 to monitor the economic situation. They will meet with Deputy Prime Minister Alexander Zhukov as
well as officials from the Finance and Economic Development ministries and the Central Bank of Russia.
"The Moscow visit was planned ahead and is part of the normal monitoring of the sovereign rating, there is
nothing unusual about it," Page said.
She said rating monitor visits are made at least once a year but sometimes two or three visits are made. "In
Russia's case the team of analysts visited twice in 2003 and this is the first visit this year," she said.
Page declined to comment on any possible increase in Russia's rating as a result of the visit.
She said Fitch sees two negative factors that would prevent a further increase in Russia's rating.
First is progress under structural reforms, primarily administrative, banking and natural monopoly reforms. "We
need to see the government is committed to bringing these reforms to fruition," she said.
Fitch is concerned by the investment climate in Russia. "This is not such much related to Yukos as it is a
general matter concerning the investment climate for big and small business," Page said.
Fitch analysts visited Russia in early April 2003 and on May 13 the agency announced a rating upgrade to BB+ from
BB-.
Russia's rating is one notch below investment grade on the Fitch scale.
[Interfax] |
RUSSIA IN FACTS
