Moody’s Changes Outlook for Russian Banking Sector to Stable

The international rating agency Moody’s has changed the forecast for the Russian banking sector for next 12-18 months from negative to stable, Vice President – Senior Credit Expert of the Agency Olga Ulyanova says on Wednesday, TASS informed.

“The forecast changes from negative to stable,” she says.

The forecast revision is based on improved macroeconomic situation in Russia, Ulyanova adds. Moody’s expects Russian GDP will grow by 2.3% in 2021 and by 2.1% in 2022 after the contraction by 3.1% in 2020. Growing oil prices act as a positive driver for this factor, she notes.

Gradual softening of coronavirus control measures will intensify operations of companies and consumption specifically in respect of small and medium businesses, which suffered most from restrictions, Moody’s said.