Ben Aris says that, although the economy is growing and sovereign ratings are improving, the last push towards investment grade will be hard going.
After a decade of decline, Russia is on track for its fifth year of strong growth. Thanks to the blistering pace of growth, the international ratings agencies have upgraded Russia half a dozen times in the last four years and analysts are speculating that as soon as the presidential elections are over next March, the country will reach the sought after “investment grade” that could open the flood gates for foreign investment. However, the ratings agencies say that the last stretch will be the most difficult.
