'S&P ignored a strong economy, large reserves, low debt' - Russian Finance Minister

The downgrade of Russia’s credit rating by S&P is unreasonable, as the agency didn’t consider the country’s anti-crisis plan, and the strong economy with its large reserves and extremely low public debt, said Russian Finance Minister Anton Siluanov.

Siluanov says he does not think the move will lead to a sharp decline in the share of non-residents holding Russian bonds.

"A very important aspect is that the rating of Russian obligations in the national currency is still at the BBB- investment grade. Therefore, there won’t be a sharp decline in the share of non-residents among the holders of Russian loan bonds," he said.

On Monday the Standard & Poor’s international rating agency cut Russia’s sovereign rating to BB+, a ‘junk’ level, leaving it below investment grade for the first time in a decade .... http://rt.com/business