Int`l ratings agency says Russian economy to grow 4 prcnt.

NEW YORK, May 2 (Itar-Tass) - World economy's pullout from the crisis
is exerting a beneficial effect on Russia whose Gross Domestic Product
will likely growth 4% this year and may show an even bigger percentage
next year, said a report issued by Moody's, an international ratings
agency.'
It quoted Moody's Vice President and senior analyst, Dietmar Hornung
as saying all factors are pointing to an improvement of the economic
situation in Russia.
The growing prices of crude oil have helped the country to restore
trade surplus, have raised the exchange rate of the ruble and have
supported the struggle with the still high inflation rate.
Moody's points out that the Russian government does not have the
burden of servicing the sovereign debt and it possesses sufficient enough
reserves of foreign exchange.
If the Russian authorities manage to keep the expenditure, the
recovery of oil prices wil help them to replenish the assets of the oil
fund gradually, the report says.
Moody's rated Russia's recent release of Eurobonds, the first over a
period of ten years, as Baa1 with a stable forecast.
Dietmar Hornung also believes the assessment of prospects of the
Russian banking system may also change for stable in the second half of
the year.
-0-kle