S&P upgrades Russia outlook to positive

The Standard and Poor's agency raised its outlook for Russia's credit rating to "positive" from "stable" on Friday, citing improving growth prospects and a lower risk of large capital outflows. The agency said that after two years of recession, Russia was expected to resume positive economic growth this year, "averaging about 1.7 percent in 2017-2020." But the agency added that "relatively low prices, structural impediments and sanctions" will however continue to hinder a rebound in GDP, which it expects will increase by 1.5 percent this year. S&P said it considered that the Russian banking sector remained fragile but that it saw "some early signs of stabilisation."