Fitch Ratings holds Russia at BBB- but upgrades forecast

The Fitch Ratings agency last week affirmed  Russia’s long-term foreign and local currency rating at BBB-, but also marginally upgraded its predictions for the country’s short- and medium-term performance and now expects its economy to contract by 3.5% this year instead of its previous forecast of 4%. 
“Russia has recovered some competitiveness, but the medium-term growth outlook is the weakest of major emerging markets, at 1%-2%,” it said. It also expects Russia’s international reserves to decline in the second half of 2015, although by less than in its previous forecast. 

Source: Rosbalt