Biz Watch

Russian Exuberance
Should we call it a Russian rebound? Not yet. Moscow's stock exchange soared 3% midweek, after the rating agency Moody's upgraded Russia's sovereign credit rating by two notches to Baa3. Although the bourse ended the week on a flatter note — and the other top rating agencies, S&P and Fitch, held off following Moody's example — it's clear Russia has come a long way from the 1998 crash, and is once again an attractive investment opportunity. Giddy investors would do well to keep things in perspective, though: Moody's is considering downgrading El Salvador...

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