LONDON (Reuters) - The steadying of Russia's economy does not yet merit a stabilization of its sovereign rating outlook, credit rating agency Moody's said on Tuesday.
"We have a negative outlook which reflects Russia's ongoing challenges, including - despite a recent recovery - an environment of subdued commodity prices relative to pre-crisis," Moody's top European sovereign analyst Dietmar Hornung told the Reuters Global Markets Forum.
"(There is) no improvement to the extent that we would consider stabilization of the outlook at this juncture."
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Moody's retains a negative outlook on its 'junk' grade Ba1 rating on Russia, but an oil price rise back to $50 a barrel and a tight grip on its finances has helped the country's economy this year.
"If we had signs of significant improvement on the medium-term economic outlook and an improvement with respect to the investment climate in Russia and a replenishment of the fiscal buffers, all these factors would be credit positive," Hornung added.
(Reporting by Marc Jones; editing by Kirsten Donovan)