FX.co ★ JP Morgan hired to raise Russia's status

JP Morgan will work for the Ministry of Finance of the Russian Federation in order to improve the country's image with the main rating agencies. The decision to hire the U.S. banking major as a rating consultant was made in compliance with several criteria, the most important of which were the qualification and experience. The other contenders stay unknown, because the FinMin did not announce the full list as well as the transaction amount. The main problem, which is supposed to be solved by JP Morgan, is boosting the Russia's sovereign rating. Russia is not satisfied with the current state of affairs. The country is rated "ВВВ" by Fitch and S&P and "Ваа1" by Moody's. The government is planning to get the highest ratings from international agencies by 2016. The results of the collaboration will be seen in the nearest future. One of the main world's agencies intends to revise the estimated figures of the Russian Federation's credit rating.
At the beginning of the year the Russian government had already signed a three-year contract with Goldman Sachs, which is also supposed to burnish the country's image on the world stage and to attract institutional investors.