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S & P: Russia is unreliable because of the "oil needle"
13 August 2012, Monday
Standard & Poor's explained why Russia can not yet get into reliable group of investors with a rating of A: Because oil and budgetary risks.
"Economists of S & P explained that it is not intended to raise the rating of Russia, as Russia's economy is very dependent on oil prices, resulting in high cost risk. Projected S & P Russia's economy will continue to grow more slowly than before the crisis. Reason which served as a negative outlook commodity prices. estimated S & P, the change in oil prices at $ 10 would change the government revenue by 1.4% of GDP. That is, when oil prices fall within a short period of time the current budget surplus of Russia (1.6% of GDP) could become the deficit.
However, the S & P believes that the situation may affect the introduction of fiscal rules, which binds to the costs of long-term oil prices. Under this rule the price of oil will be stored in a budget based on the average over the past 5 years, and then calculating the period of each year will increase by one year until it reaches a period of 10 years.
"Economists of S & P explained that it is not intended to raise the rating of Russia, as Russia's economy is very dependent on oil prices, resulting in high cost risk. Projected S & P Russia's economy will continue to grow more slowly than before the crisis. Reason which served as a negative outlook commodity prices. estimated S & P, the change in oil prices at $ 10 would change the government revenue by 1.4% of GDP. That is, when oil prices fall within a short period of time the current budget surplus of Russia (1.6% of GDP) could become the deficit.
However, the S & P believes that the situation may affect the introduction of fiscal rules, which binds to the costs of long-term oil prices. Under this rule the price of oil will be stored in a budget based on the average over the past 5 years, and then calculating the period of each year will increase by one year until it reaches a period of 10 years.
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