Russia out in the cold



The Russian fixed-income market had been looking forward to Standard & Poor’s sovereign upgrade for over a year. Ever since Moody’s made the sovereign investment grade in October 2003, investors and analysts were eagerly expecting S&P to follow suit. Fitch upgraded Russia in November 2004, but it was the S&P upgrade the market really coveted: with it would come inclusion in the key investment-grade indices – and potentially a whole new class of high-grade investors.

But three months after S&P

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