The Russian Ministry of Finance has offered a positive assessment of Fitch’s decision to affirm Russia’s credit rating and believes this is confirmation that the Russian government has taken the proper steps to stabilize the economy, Minister of Finance Anton Siluanov told journalists per a report from TASS news agency.

“We welcome the decision by Fitch Ratings to affirm Russia’s long-term credit rating for foreign currency obligations at the level of ‘BBB-’ with a stable outlook”, the Minister said.

This decision reflects the agency’s confidence in the stability of Russia’s state finances and the success of the measures taken by the government to adapt the Russian economy to the conditions of low oil prices.

Potential factors that are capable of improving Russia’s credit rating in the future include the continuation of a balanced fiscal policy in the medium-term as well as structural reforms that aim to accelerate economic growth, Siluanov said.

Fitch previously affirmed Russia’s credit rating at the investment level of ‘BBB-’ with a stable outlook.