Credit rating company Fitch Ratings could carry through either positive or negative rating actions on Russia , depending on the political and economic developments there, Managing Director Edward Parker told Dow Jones Newswires Tuesday.

If Russia 's economy performs well and the country reduces its economic exposure to oil, Fitch might consider positive rating actions, Parker said in an interview following a conference in Stockholm , adding that structural reforms and steps towards more democracy would also be positive in the long term.

However, events such as a worsening economy, a falling oil price or political unrest could also trigger negative actions, he added.

Fitch, which rates Russia at triple-B, Monday cut its outlook for the country to stable from positive, citing rising political uncertainty and a worsening global economic outlook.

The political uncertainty in Russia is rather big ahead of the upcoming presidential elections in March, Parker said Tuesday, adding that Fitch is essentially in a "wait-and-see" mode at the moment.

The main scenario is that Prime Minister Vladimir Putin wins the presidential election and that Russian politics remain little changed, he said.

Fitch's rating actions will depend on the course of events, Parker said, adding that there is a pretty balanced risk for upward or downward actions at the moment.

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