MOSCOW: Russia's rouble-based MOEX index hit an all-time high and the rouble firmed in early trade on Monday after S&P raised Russia's foreign currency long-term and short-term sovereign credit ratings to investment grade.
At 0715 GMT the MOEX Russian index was up 1.45 percent at 2,371 points. The dollar-denominated RTS index was up 2.6 percent at 1,334 points.
The rouble was 0.97 percent stronger against the dollar at 55.97 and had gained 0.94 percent to trade at 68.98 versus the euro.
S&P Global Ratings raised Russia's foreign currency long-term and short-term sovereign credit ratings to the investment grade of 'BBB-/A-3' from the so-called junk level of 'BB+/B' late on Friday night.
The upgrade may be seen by financial markets and Russian officials as an approval of the oil-dependent country's efforts to get its economy back on track.
Fitch also has an investment grade rating on Russia, which it left unchanged late on Friday.
"We believe that the move is good for Russian Eurobonds, as it might unlock some (investment grade)-only pockets of money when Russia makes a return to indices like Barclays Global Agg and EMBI IG," analysts at VTB Capital said in a note.
Brent crude oil, a global benchmark for Russia's main export, was down 0.1 percent at $67.25 a barrel.
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