In February, Moody's also lowered the rating of the Russian Federation to the speculative grade Ba1. READ MORE: Gazprom gets highest investment grade from China's biggest ratings agency The decision on a downgrade came despite the currency starting to bounce back and the Minsk agreements being reached. Russian Finance Minister Anton Siluanov then said the Moody's downgrade was groundless and politically motivated. However, China's largest rating agency Dagong rated Russia at a high investment A grade with a stable outlook, as it believes that the scale of Russia's fiscal and foreign exchange reserves provides a necessary buffer for its economic outlook to remain stable.