On September 22, 2017, Fitch revised its outlook on Russia’s long-term foreign- and local-currency issuer default ratings to positive from stable. The recent elevation of Russia’s credit rating by Fitch prompted doubts as to the impartiality of earlier rating demotions. Moody’s, Standard & Poor’s, and Fitch Ratings were repeatedly blamed by Russian officials for deliberately undervaluing the nation’s financial system. Jim Rogers, a venture capitalist and a leading authority on Russia’s economic opportunities stated that the U.S.-based agencies lack competence and are prone to make errors. The American businessman said that the agencies have made a number of mistakes in the past.

The investor believes that the country’s scores will improve because Russia’s indebtedness remains low compared to the figures registered for most other countries. Additionally, Russia’s economy continues growing. According to Mr. Rogers, investors are beginning to put their money in Russia, but the pace of growth will be incremental. Mr. Rogers also believes that neither Moody’s, nor Standard & Poor’s will go on to increase Russia’s credit rating in the immediate future.

Russia’s Minister of Economic Development Maksim Oreshkin said on September 25, 2017 that the rating agencies will indubitably increase Russia’s sovereign ratings. According to the official, the market recognized that Russia’s actual economic potential was higher than what the rating agencies reported.

“In view of the achievements which we have in macroeconomic policy, coupled with the restoration of our economic growth, the increase in ratings will inevitably come; the rating agencies are looking for the right moment to do it, so as to minimize their own reputational losses,” the Minister concluded.