MOSCOW, Sept 4: Standard and Poor’s said on Monday it had raised its long-term foreign currency sovereign debt rating and its long-term local currency rating for Russia. The upgrades were based on “ongoing improvements in Russia’s foreign exchange reserves coverage and the strengthening general government balance sheet,” said Standard and Poor’s credit analyst Moritz Kraemer.

The ratings agency raised the long-term foreign currency sovereign debt rating on Russia to BBB+ from BBB and its long-term local currency rating to A- from BBB+.

“Russia’s economy is still benefiting from the global oil price boom, while policymakers continue to handle concomitant challenges to macroeconomic stability in a circumspect manner,” said Kraemer.—AFP