As Russia's foreign reserves and currency stabilize, Moody's Investors Service said the country is "not yet on the brink" of a downgrade to its credit rating. Both Fitch Ratings and Standard & Poor's cut Russia's debt ratings during the past few months. "Relative to where they were a couple of months ago, things are looking better for Russia. They're no longer in free fall," said Jonathan Schiffer, a Moody's analyst of Russia's sovereign debt. "They would seem to have the resources to deal with debt payments for the next 12 to 18 months."

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