S&P affirms Russia 'junk' rating

REUTERS

The outlook on both the local currency and foreign currency long-term ratings remains negative.

At this, Fitch Ratings Agency maintained Russia's long-term credit rating at BBB-, one notch above junk bond status.

"Measures that would affect the payments system or trade have diminished. The rate of casualties and military activity in eastern Ukraine has subsided," Fitch said in a statement.

"Under Fitch's revised forecasts, we now expect the economy to stabilize, growing by up to 0.5% in 2016, and rising to 1.5% in 2017," Fitch explained.

The agency said the downgrade to the growth forecast since July reflects lower oil price expectations, a weaker rouble, and tight monetary and fiscal policy.