The forecast of the Agency is negative. In December last year, Fitch rating agency downgraded the credit rating of Russia to the value of BBB-, also with a negative outlook. Moody's downgraded the rating of Russian government bonds to the level of "Baa3".
The agency explained its decision by "sharp decline" of the flexibility of monetary policy. At the same time Standard & Poor's reported a 50% chance of a downgrade over the next 90 days. Prior to this, long-term and short-term sovereign foreign currency ratings were at "BBB-/A-3" and at "BBB/A-2" in the national currency. In October 2014 the agency has affirmed Russia's sovereign rating on borrowings in foreign currency at "BBB-" with "negative" outlook.