Fitch: from a collapse of reserves to lower the rating - one step

Russia's credit rating may be lowered if the country's foreign exchange reserves will decline so rapidly, have warned the international rating agency Fitch. After a record drop in the first half of January, in the last days of supplies once again began to rise, assured the CBR. "A significant reduction in weekly foreign currency reserves of Russia is a cause for concern, said Thursday the head of the international rating agency Fitch's Emerging Europe Edward Parker. Further significant drop in their will more likely downgrade of the country, he said, adding that Fitch will continue to closely monitor the weekly data of the Bank of Russia. January 20 Central Bank reported that the volume of international reserves for a week from 9 to 16 January fell to 30.3 billion dollars - up to 396.2 billion dollars rout was almost a record - the maximum weekly drop was recorded in October, when 17 to 24 number of reserves fell to 30.6 billion dollars in total over the past year, the country's foreign exchange reserves decreased by 11 percent. the entire flight took place in the second half. Since late last year, the Central Bank uses the reserves to support the ruble, and much of it went under the declared policy of the smooth devaluation. Below $ 400 billion foreign exchange reserves of the Russian Federation did not drop the last 20 months. "They have a lot of ammunition, and in some sense, this is what requires reserves. But even the $ 400 billion ever end," - Parker suggested in a conversation with reporters. Analysts at Merrill Lynch in a recent survey estimated the rate of reduction of Russian foreign reserves of 40-45 billion dollars a month. Experts have warned that with a decrease in reserves based sovereign funds below $ 300 billion of the Central Bank will have to stop protecting the ruble, otherwise Russia will not authorize payment of external debt of companies exceeding $ 100 billion head of Bank of Russia Sergei Ignatiev told Thursday night that foreign exchange reserves in recent days resumed growth. According to him, their volume by 20 January was already 397.5 billion dollars, that is, from January 16, they were supplemented by 1.3 billion dollars Additionally, on January 21 the Central Bank purchased currency in the 3.4 billion dollars, January 22 - at $ 200 million on January 20 Bank of Russia not to sell or buy foreign currency, said Ignatieff. But on January 19, fell a record volume of currency sales - $ 10 billion recall, Fitch lowered its forecast in November, Russia's credit rating to negative from stable, leaving it at "BBB +". Agency Standard & Poor's has received more radical and in early December reduced the rating on liabilities in foreign currency from "BBB +" to "BBB", expressing their concerns about the decrease in international reserves. Russian authorities have apprehended the first in 10 years downgrade the country's peace, noting that although the priority measures to combat the crisis have been spent significant resources, Russia continues to occupy a leading position in the world by size of reserves.