The rating agency anticipates that the credit positive effect from a weaker rouble would be greater for fertiliser companies within the chemicals sector, such as Acron, PhosAgro and Uralkali, than for petrochemical companies Nizhnekamskneftekhim's (NKNK) and Sibur Holding, as a lower proportion of their debt and capital expenditure (capex) is in US dollars.
A weaker rouble would be credit positive for rated steel and mining companies and increase their EBITDA by around 10%-15% with the exception of TMK and Magnitogorsk Iron & Steel Works (MMK), which would experience a less material credit impact as the proportion of their revenues denominated in roubles broadly matches their expenses denominated in roubles.
In a comparison with other CEEMEA currencies, the rouble has, together with the Turkish lira, been one of the region's most stable currencies in 2010, showing extraordinary stability relative to other currencies.
At the same time, Figure 2 shows that the rouble tracked the dynamics of other commodity currencies until August, when it began to weaken, while its peers appreciated on the back of climbing commodity prices.
For the last two weeks, Russians have been queuing up to exchange their roubles for dollars as the economy went into free-fall.
Many have been hit hard by previous currency crises and they didn't want to be left with their life savings in worthless roubles.
Earlier the Belarussian central bank switched to the dollar peg from a previous Russian rouble link.
1993, shortly after the break-up of the rouble zone.