By Andrey Ostroukh
MOSCOW--Russia's sovereign ratings are unlikely to be raised
back to investment grade in the short run, Finance Minister Anton
Siluanov said Saturday.
Both Standard & Poor's and Moody's Investors Service
downgraded Russia's debt rating to junk status earlier this year.
Moscow condemned the moves and said they were motivated by
political factors.
Speaking to reporters on a visit to Washington, Mr. Siluanov
said there were no reasons to think that Russia's ratings should be
below investment grade but it may take time for the ratings to be
raised.
"Positive trends in our economy should be backed by time," Mr.
Siluanov was quoted by Interfax news agency as saying.
Russian officials say the worst of its economic crisis is over
and growth will return within two years after the economy shrank
some 3% this year--the first contraction since 2009--due to Western
sanctions and lower oil prices.
On Friday, S&P affirmed Russia's rating at one step below
investment grade and warned it may cut its ratings further,
sticking to a negative outlook. The only major rating agency that
hasn't downgraded Russia to junk status, Fitch, was also expected
to announce a decision on Russia's rating on Friday but only
downgraded the ratings of some Russian regions.
Mr. Siluanov, who took part in meetings with the World Bank and
the International Monetary Fund, said he met Fitch and the ratings
firm decided to take a closer look on Russia's economic situation
before making the rating decision.
Write to Andrey Ostroukh at andrey.ostroukh@wsj.com