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Russia's Move to Curb Loan Growth Is Positive; Loophole Remains

Russia's latest move to rein in rapid retail loan growth should help to limit the build-up of credit risk for lenders, although its effectiveness could be weakened by the continued lack of a tenor cap.

Moderate Freight Growth Props Russian Rail Operators' Metrics

Most rail companies that we rate in Russia will benefit from moderate freight volume growth and continue to generate robust cash flows from operations. This is likely to mitigate a decline in freight rates for some types of rolling stock and cost pressures coming from increasing tariffs on empty runs for certain rail cars.

Large Russian Homebuilders to Benefit from New Escrow Rules

New regulations forcing Russian housebuilders to establish escrow accounts are likely to lead to sector consolidation and be positive for larger housebuilders, Fitch Ratings says. Smaller companies may struggle to meet the requirements that include a record of having completed buildings of a certain size and a minimum contribution of own funds.

High Demand in Moscow Aviation Hub Supports Capacity Expansion

Moscow is Russia's strongest catchment area for air travel, with a resilient traffic base as demonstrated during the financial crisis of 2009 and the rouble devaluation in 2014. We expect Russian air traffic including in MAH to continue to grow, benefiting from long-term trends including increasing propensity to fly and ongoing economic growth. 

rating action

Fitch Assigns Rusal IDR of 'BB-'; Stable Outlook

Rusal successfully managed its operations under the US sanctions with limited impact. Due to several extensions granted to the company's grace period by the Office of Foreign Assets Control, Rusal did not bear the full impact of the sanctions. 

podcast: fixed interests

Russia, Positive Outlook

In the latest Fixed Interests Podcast, Tony Stringer Managing Director, Global Sovereigns and Erich Arispe, Director, Fitch Ratings, discuss the Positive Outlook for Russia which reflects continued progress in strengthening the economic policy framework underpinned by a more flexible exchange rate, a strong commitment to inflation-targeting and a prudent fiscal strategy. This policy mix has increased the economy's resilience to shocks and helped preserve macroeconomic and financial stability despite the heightened sanctions' risk

rating action

Affirmed: Russia at 'BBB-'; Positive Outlook

Russia's ratings balance a very strong sovereign balance sheet, robust external finances and a credible macroeconomic policy framework against weaker growth prospects than peers, high commodity dependence, weak governance standards and geopolitical tensions. 

Russia Banks' FC Debt Servicing Could Withstand Sanctions

The imposition of very tough sanctions, especially on large commercial deposit-taking institutions, hampering their ability to service foreign-currency (FC) debt, is therefore unlikely. Other sanctions, including on sovereign debt, could be reasonably mitigated for banks by a combination of their own resources and state support.

Fitch Publishes 5M18 Russian Banks Datawatch

The latest edition of its "Russian Banks Datawatch", a monthly publication of spreadsheets with key data from Russian banks' statutory accounts.


RussianTranslation: опубликовало обзор российских банков за 5 месяцев 2018 года

Russian Growth Gets Limited Oil Price Boost; Reforms Key

Russia will see limited near-term economic gains from higher oil prices because of prudent monetary and fiscal policy settings under the country's improved policy framework, which reduces the impact of oil price moves. Boosting weak medium-term growth prospects is a key challenge for the new government. 


Russian Translation: цены на нефть имеют ограниченное влияние на рост экономики России; ключевой фактор - реформы

Some Russian Local Governments Might Lose on World Cup

Eleven Russian cities will host the World Cup over the next month. Unlike previous large international sporting events, including the Sochi Olympics in 2014, Universiade 2013 in Kazan and the 2014 World Cup in Brazil, Russian regions and cities managed to avoid significant World Cup-related debt increases. The majority of costs were carried by the federal government and private investors.


Russian Translation: некоторые российские города и регионы могут оказаться в проигрыше по итогам чемпионата мира

Russian Oil Restore Pre-2015 Profits, Gazprom Lags Behind

Most Russian oil producers restored 2017 profitability close to 2014 levels due to a price rebound. The outlier was Gazprom as its 2017 EBITDA significantly declined compared to 2014, partly due to a different tax structure applied on gas and lagging gas price increases.

Kazakh Banks' Asset Quality Still Weak; Clean-up Gradual

Very weak asset quality at Kazakh banks means that any clean-up will be gradual, even as regulators step up scrutiny of the sector, Fitch Ratings said at its 12th annual conference on Kazakhstan in Almaty.

Sanctions Raise Russia Bank Risk; Direct Exposure Limited

We do not expect any immediate rating impact. However, if banks continue to transact with the named individuals or companies, they themselves may face further sanctions.

US Sanctions Step Up Pressure on Russian Corporates

The latest US sanctions announced against a number of Russian companies, individuals and a bank on 6 April 2018 are likely to have a severe effect on these companies' operations and financial profiles by curtailing their ability to trade and service their US dollar-denominated debt.

Russian Banks Datawatch

See our latest Russian banking system report.

Tighter Regulation May Slow Russian Life Insurance Boom

Premiums will have more than doubled over 2016-2017 as hybrid savings products, which offer a mix of guaranteed and non-guaranteed investment returns, attracted customers dissatisfied with falling interest rates on bank deposits.


Russian Banks - Crisis or Not?

We get a lot of questions from investors about what recent failures of some large Russian private banks mean for the sector and whether there is a crisis. Our answer is ‘there is no crisis’ and here is why…


Dmitry Surkov

Regional Head of Russia/CIS and Black Sea Region

Dmitry Surkov

+7 495 956 9901

Julia Belskaya von Tell

Senior Director, Head of Business & Relationship Management Group

Julia Belskaya von Tell

Business Development, Media Relations

+7 495 956 9908

Mikhail Soloviev

Director, Business Development

Mikhail Soloviev

+7 495 956 7088

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