2015122313

Moody’s international rating agency has changed its outlook on Russia‚Äôs sovereign rating to stable from negative, the agency said in a statement.

“Moody’s Investors Service (“Moody’s”) has today changed the outlook on Russia’s Ba1 government bond rating to stable from negative. Moody’s also affirmed Russia’s government bond rating and issuer rating at Ba1,” according to the statement.

“The main driver for changing the outlook on Russia’s Ba1 government bond rating to stable from negative is the government’s enactment of a medium-term fiscal consolidation strategy that is expected both to lower the government’s dependence on oil and gas revenues and to permit the gradual replenishment of its savings buffers. In addition, the Russian economy is now recovering after a nearly two-year-long recession,” the agency said.