Marholin: Chances to get credit from Russia significantly decreased

"Junk" rating of Russia hits Belarus.

International Agency (S&P) downgraded Russia's sovereign credit rating in foreign currency from the investment "BBB-" to speculative ("junk") level "BB +". Economist Leu Marholin believes that this decision will also affect Belarus.

He believes that Belarus is particularly tied to the RF's rating as it is counting on Russian credit which is extremely needed.

"Official Minsk cannot afford to borrow money in the West. Now it will cost Moscow even more than us. Therefore, our chances to get a credit from Russia have decreased", he said in his interview to the site "Zautra tvae krainy".

According to him, the economic authorities of Belarus take such ratings seriously.

For Belarus, has been living for 20 years already on debts, this rating is very important as on it depends how cheaply one can borrow money in the West. Bur our country's rating is low", the economist reminds.

To raise a rating, the expert says, first of all, one must stop interfering in financial sphere, increase gold and forex reserves.

"All the rating agencies assess risks of investors, creditors. If a country with low forex reserves asks to borrow money, the creditor understands it is meant to save the economy. Accordingly, creditor's demands are growing", the analyst emphasizes.

A country with a high rating, according to him, has a real chance for a credit.

"Western banks now pay very low interest. Therefore, anyone who has idle cash wants to invest it, so that it brings a profit. But still the inverter would prefer a country with a high rating to save his money", Leu Marholin notes.