Mood's Rating of Russia and Credit Ratings of Our "Petitioners" Remained under the Belt

Yesterday agency Moody's raised a rating of a state debt of the Russian Federation on one step from "Baa2" up to "Baa1" - there is a limit up to А2 here, up to which Russia with such speed won't get at all. Three years passed since Moody's last time raised the rating of the Russian Federation. Since then the debt parameters of Russia continued to improve, foreign reserves and state funds grew due to the high prices for oil and solid proficiency of the budget, however Moody's did not hasten to reconsider credit rating of Russia. Fitch unequivocally let know that in the near future the Russian credit rating wouldn't get higher. Forecast of S*P on the Russian rating is positive, however it is not known when it could expect another raise.

"Yesterday's increase of a sovereign rating on one degree looks more as a joke, than as achievement", - analytics and nobody argues with them. Except for, unless, semi-official organs which express duty delight.

After increase of a sovereign rating credit ratings of 10 large financial institutions, "the Russian petitioners" were raised: VTB, Rosselhozbank, Sberbank, Bank of Moscow and Gazprombank. Positive forecast was given to the ratings of Gazprom and RZhD. Here again too analytics do not mark any significant reaction of the markets - changes of ratings are also insignificant. It is considered, that one should not expect anything up to a level "A".

Reaction of the markets: by the moment of termination of tenders index of the Moscow Interbank Stock Exchange raised on 0,71 percents and reached a level of 1640,90 items. Index of RTS raised on 0,06 percents and made up 2175,46 items. Despite of some growth RTS could not overcome a mark in 2200 items which it reached on July, 14. Shares of "Norilsk Nickel" which added 5,07 percents in price became the leaders of the growth at stock exchange RTS. Securities of Sberbank rose in price on 1,29 percents, "Rosneft" - on one percent.

From editorial board: On such background intentions of the Kremlin dreamers to transform Moscow into the world financial center, to make rouble reserve world currency and other projects in the spirit of Khruschev "we shall catch up and overtake America". Actually, behaviour of the Russian "elite" buying the real estate in London and on Mediterranean and not in Moscow and Olympic Sochi; holding its actives mostly in the West and not in the shares of Sberbank and VTB with rating Baa1, training children in Oxford and not at all in the new university center in Krasnoyarsk opened by Medvedev is a marker of stability in the Russian markets.

It's even surprising, why Stabilization Fund and other state actives are nominated in dollars and euro losing position and not in rouble of Russia rising from knees which becomes stronger. There is a crisis in America, while in Russia - continuous rise from the knees and stability as on a cemetery - transfer then the state reserves home and at the same time suggest the western partners to be kept on our "island of stability" with credit rating Baa1.

Situation in general is completely idiotic. Rouble constantly "becomes stronger" in relation to world currencies, at that inflation in the country is simply tremendous, the prices grow so that soon it will be necessary to back "becoming stronger" rouble by issue of 10 thousand note - coins are not accepted any more even by beggars in the underground. It is quite logical to assume that half-open economy of Russia simply follows world channel - but then the rise in prices in Europe and America, probably, should strongly goes ahead than the growth in Russia. It does not happen - even prime-minister Putin recently discovered for himself that in our oil-producing country prices on gasoline are almost the highest. While among the countries extracting oil the price for a litre of gasoline higher than dollar is nonsense.

Well, other markers also look strange. The price of square meter in Moscow is already much higher, than in other European capitals. A cup of coffee in the capital - 5-6 dollars, in Italy - 2-2,5 dollars.

Actually, the rouble behaves as the currency can do it before devaluation - real purchasing capacity of the Russian money fell threefold for last two years, while course values grow. That is devaluation in a result will not bring relief but once again will make ordinary citizens bankrupts - business will get out, it has already learned to be rescued from sovereign Russian economy.

A.B.

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