Russia’s credit rating rises

Standard and Poor’s has raised Russia's sovereign credit outlook from stable to positive. The rating agency said the global liquidity crunch hasn’t harmed Russia that much.

Standard and Poor's also cites the country's huge reserves, stemming from high oil prices as the main factor behind Russia’s good performance during the crisis.

The agency said it expects further growth of the country's fiscal and external reserves.

The raised outlook is also based on signs of policy continuity under the new government.