diminished. Indicators that might lead us to anticipate such an erosion in creditworthiness would include an exhaustion of fiscal savings or a material reduction in foreign currency reserves, sharply rising yields on government debt or deficits large enough to require monetization by the central bank. Stress in the banking system would also contribute to downward pressure on Russia's rating because the government needs a stable source of domestic financing in order to fund its budget deficits, especially in the context of ongoing international sanctions. Finally, deterioration in the domestic or regional political environment that resulted in an expansion of existing sanctions or spurred capital flight would also be credit negative.

GDP per capita (PPP basis, US$): 25,965 (2015 Actual) (also known as Per Capita Income)

Real GDP growth (% change):-2.8% (2015 Actual) (also known as GDP Growth)

Inflation Rate (CPI, % change Dec/Dec): 12.9% (2015 Actual)

Gen. Gov. Financial Balance/GDP: -3.4% (2015 Actual) (also known as Fiscal Balance)

Current Account Balance/GDP: 5.1% (2015 Actual) (also known as External Balance)

External debt/GDP: 38.0% (2015 Actual)

Level of economic development: Moderate level of economic resilience

Default history: At least one default event (on bonds and/or loans) has been recorded since 1983.

On 14 February 2017, a rating committee was called to discuss the rating of the Russia, Government of. The main points raised during the discussion were: The issuer's economic fundamentals have improved, reflected by the Russian economy's emergence from recession. The issuer's fiscal or financial strength, including its debt profile, has strengthened, following the resurrection of the medium-term fiscal strategy and implementation of conservative revenue