Russia's finance ministry vowed further action to entice fresh capital after Moody's Investors Service joined two other companies in raising the country's credit rating to investment grade.
Moody's lifted Russia's rating
to Baa3 from Ba1 on Friday, putting the energy giant on par with Italy, South Africa and Hungary. S&P Global Ratings had upgraded the nation from junk last year, bringing it in line with Fitch Ratings.
In 2015, Russia was downgraded to junk by Moody's as a slump in crude and foreign sanctions drove the economy into its longest recession this century. Oil prices have now recovered, and the nation has returned to fragile growth, though the restrictions haven't been lifted and the U.S. has threatened
to implement more.
"The fact that three agencies have assigned investment grade to Russia will be an additional positive argument for investors that consider the possibility of capital investments in our country," Finance Minister Anton Siluanov said in a statement. "The Russian government, on its part, will create new conditions for a further improvement of the rating."