ББ
10-08-2003, 10:22 PM
Езда Россияда булганимда, уларни экономикаси (иктисод деса хам булади) ривожланиб кетаетганини кузатган эдим. Тезда битта иккта акциясини олиб куйганимда зур иш булар эди.
ББ
ПС Дебит Свис Секонд Ташкент каерда? Унинг фикрини билмокчи эдим. Рубль нархи ошса керак. Трейдерлар борми?
___________________
The Wall Street Journal
October 9, 2003
Russian debt earned investment-grade status for the first time Wednesday,
opening the way for potentially huge new investment and ratifying the
country's progress toward economic and political stability since a wrenching
default in 1998.
Moody's Investors Service upgraded Russia's foreign-currency debt rating by
two notches to Baa-3, a move Russian President Vladimir Putin predicted
Friday but few financial market observers expected. Just six months before a
presidential election, the ratings boost is widely seen as a vote of
confidence in Russia's political stability. Russian stocks and bonds rose on
the news.
The move comes as Russia has gone from being a near-pariah among investment
destinations to landing on many short lists. In addition to steadily
increasing flows into its red-hot stock and bond markets, Russia has seen a
rising tide of foreign direct investment in recent months, bringing the
total so far this year to more than the total that Russia received between
1990 and 2002, which was $7.8 billion (€6.62 billion).
On the heels of BP PLC's $7.7 billion investment in Russia's Tyumen Oil Co.,
Russian officials say Exxon Mobil Corp. is in talks to buy as much as 40% of
OAO Yukos in a deal that could be valued at nearly $20 billion at current
market prices. Russia ranked in the top 10 for the first time earlier this
year in a ranking of investment destinations by corporate executives
compiled by consultants A.T. Kearney.
Investors and analysts said the Moody's move is another green light for a
wide range of new investment in Russia.
"It opens up Russia eventually to an enormous pool of capital that it didn't
have access to before," said William Browder, head of Hermitage Capital
Management, a Moscow fund manager with $1.2 billion under management.
Moody's said the upgrades reflect Russia's prudent fiscal policies and debt
management, including plans to create a stabilization fund that will hold
extra revenue from high oil prices to smooth debt payments if oil prices
fall. Moody's also said that neither the outcome of December's parliamentary
elections nor continuing infighting between factions within the Kremlin will
significantly affect economic performance or policy.
Helped by high oil prices, Russia has been paying off foreign debt early and
its foreign currency reserves are expected to be around $65 billion by the
end of the year, compared with less than $10 billion in 1998.
Russian stocks and bonds have rallied sharply for most of this year as
domestic and foreign investors took notice of Russia's progress. Moscow's
benchmark RTS stock index, fresh from record highs last week, set another
Wednesday, closing up 3% at 628.98.
Despite the enthusiasm, most analysts agree that risks remain. To ensure it
can weather a drop in oil prices or a global economic slowdown, they say,
Russia needs to push forward with an overhaul of its bloated and corrupt
bureaucracy, as well as its fragile banking sector. It also needs to
diversify an economy that has reaped windfall revenue from oil and
natural-gas exports but has seen limited improvement in other sectors.
"These are complex reforms. I don't really see very rapid progress that
would after the elections would take us quickly to investment grade," said
Konrad Reuss, managing director for sovereign ratings at Standard & Poor's,
which has Russia two notches below that level with a stable outlook.
Fitch Ratings, until Wednesday the most optimistic rating agency on Russia,
said moving the country into high-grade territory is still premature.
"Russia certainly has made a big improvement in creditworthiness over the
past few years, but it's not yet a widows and orphans rating," said David
Riley, head of sovereign ratings at Fitch.
Write to Gregory L. White at greg.white@wsj.com, Henry J. Pulizzi at
henry.pulizzi@dowjones.com and Emily Barrett at emily.barrett@dowjones.com
ББ
ПС Дебит Свис Секонд Ташкент каерда? Унинг фикрини билмокчи эдим. Рубль нархи ошса керак. Трейдерлар борми?
___________________
The Wall Street Journal
October 9, 2003
Russian debt earned investment-grade status for the first time Wednesday,
opening the way for potentially huge new investment and ratifying the
country's progress toward economic and political stability since a wrenching
default in 1998.
Moody's Investors Service upgraded Russia's foreign-currency debt rating by
two notches to Baa-3, a move Russian President Vladimir Putin predicted
Friday but few financial market observers expected. Just six months before a
presidential election, the ratings boost is widely seen as a vote of
confidence in Russia's political stability. Russian stocks and bonds rose on
the news.
The move comes as Russia has gone from being a near-pariah among investment
destinations to landing on many short lists. In addition to steadily
increasing flows into its red-hot stock and bond markets, Russia has seen a
rising tide of foreign direct investment in recent months, bringing the
total so far this year to more than the total that Russia received between
1990 and 2002, which was $7.8 billion (€6.62 billion).
On the heels of BP PLC's $7.7 billion investment in Russia's Tyumen Oil Co.,
Russian officials say Exxon Mobil Corp. is in talks to buy as much as 40% of
OAO Yukos in a deal that could be valued at nearly $20 billion at current
market prices. Russia ranked in the top 10 for the first time earlier this
year in a ranking of investment destinations by corporate executives
compiled by consultants A.T. Kearney.
Investors and analysts said the Moody's move is another green light for a
wide range of new investment in Russia.
"It opens up Russia eventually to an enormous pool of capital that it didn't
have access to before," said William Browder, head of Hermitage Capital
Management, a Moscow fund manager with $1.2 billion under management.
Moody's said the upgrades reflect Russia's prudent fiscal policies and debt
management, including plans to create a stabilization fund that will hold
extra revenue from high oil prices to smooth debt payments if oil prices
fall. Moody's also said that neither the outcome of December's parliamentary
elections nor continuing infighting between factions within the Kremlin will
significantly affect economic performance or policy.
Helped by high oil prices, Russia has been paying off foreign debt early and
its foreign currency reserves are expected to be around $65 billion by the
end of the year, compared with less than $10 billion in 1998.
Russian stocks and bonds have rallied sharply for most of this year as
domestic and foreign investors took notice of Russia's progress. Moscow's
benchmark RTS stock index, fresh from record highs last week, set another
Wednesday, closing up 3% at 628.98.
Despite the enthusiasm, most analysts agree that risks remain. To ensure it
can weather a drop in oil prices or a global economic slowdown, they say,
Russia needs to push forward with an overhaul of its bloated and corrupt
bureaucracy, as well as its fragile banking sector. It also needs to
diversify an economy that has reaped windfall revenue from oil and
natural-gas exports but has seen limited improvement in other sectors.
"These are complex reforms. I don't really see very rapid progress that
would after the elections would take us quickly to investment grade," said
Konrad Reuss, managing director for sovereign ratings at Standard & Poor's,
which has Russia two notches below that level with a stable outlook.
Fitch Ratings, until Wednesday the most optimistic rating agency on Russia,
said moving the country into high-grade territory is still premature.
"Russia certainly has made a big improvement in creditworthiness over the
past few years, but it's not yet a widows and orphans rating," said David
Riley, head of sovereign ratings at Fitch.
Write to Gregory L. White at greg.white@wsj.com, Henry J. Pulizzi at
henry.pulizzi@dowjones.com and Emily Barrett at emily.barrett@dowjones.com