Russian and World Newsthe Rating injection
the Main event of the last week increase of a credit rating of Russia to investment level Baa3 under agency Moody version ` s became unconditional. On this decision many have been adjusted, but all - taki did not expect it so quickly. And the fact of increase of a rating to investment level (and at once on two steps) became a surprise for many participants of the market. Reaction to this event was corresponding also.
at once after the message has appeared on news lines, quotations of various financial tools sharply have gone upwards. RTS index has again promptly overcome a mark in 600 points and was closed at new historical level in 628,98 points. Among leaders of increase there were the securities which emitters are most sensitive to rating increase. For example, “ to Gazprom “ Now it will be much easier to serve the enormous debt (about $15 mlrd), and at the Savings Bank the profit directly depends on a rise in prices of Russian eurobonds being in its portfolio.
it is valid, decision Moody ` s has led to a sharp rise in prices of the Russian debt tools. Quotations of eurobonds have risen on 3 - 5 percentage points. And though their prices while below historical levels of the beginning of June, however the basic indicator - the spread on profitableness to similar releases of the American bonds - was considerably reduced. Now it makes 200 - 240 basic points, having decreased for a day on 40 - 50 points. Continue growth and rouble bonds. For two days of their quotation have risen on 1,5 - 1,7 percentage points, and profitableness of the longest has fallen to a mark of 8,5 % annual. Thus, the debt burden of the Russian borrowers will essentially be facilitated. Besides, in the market there will be a new circle of the investors who earlier did not have possibilities to put up the money in the Russian papers.
all it should is inevitable to increase receipt in the currency country. At the same time in the currency market and so the overabundance of dollars is felt. As a result the US dollar exchange rate has gone downwards. Past Thursday it has already reached a point 30,17 rbl./ $ - a minimum level from the end of 2001. So the boundary in 30 rbl./ $ which has not been obedient in the summer of this year, maybe, will surrender already within the next few days.
the heading is conducted by Dmitry LADYGIN