Moody's agency does not plan to change Russia's investment rating

Moody's international ratings agency is not planning to change Russia's investment rating. This was announced yesterday by Jonathan Schiffer, vice president of the agency. He said that Russia's rating was based on long-term figures and the rating will be proven correct within the next few years. He said that such factors as the short-term outflow of capital from Russia can not influence the rating especially as outflow has been significantly lower in 2003 than in previous years. According to Mr Schiffer, when setting the investment rating the agency considered the country's ability to pay its foreign debts as well as tax and budgeting reforms. For Russia's investment rating to improve there must be successful administrative reform, he stressed. He also mentioned that the agency considers the YUKOS affair an isolated case which will not lead to large-scale government expropriation of companies' assets.

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