By Andrey Ostroukh 
 

MOSCOW--Russia's sovereign ratings are unlikely to be raised back to investment grade in the short run, Finance Minister Anton Siluanov said Saturday.

Both Standard & Poor's and Moody's Investors Service downgraded Russia's debt rating to junk status earlier this year. Moscow condemned the moves and said they were motivated by political factors.

Speaking to reporters on a visit to Washington, Mr. Siluanov said there were no reasons to think that Russia's ratings should be below investment grade but it may take time for the ratings to be raised.

"Positive trends in our economy should be backed by time," Mr. Siluanov was quoted by Interfax news agency as saying.

Russian officials say the worst of its economic crisis is over and growth will return within two years after the economy shrank some 3% this year--the first contraction since 2009--due to Western sanctions and lower oil prices.

On Friday, S&P affirmed Russia's rating at one step below investment grade and warned it may cut its ratings further, sticking to a negative outlook. The only major rating agency that hasn't downgraded Russia to junk status, Fitch, was also expected to announce a decision on Russia's rating on Friday but only downgraded the ratings of some Russian regions.

Mr. Siluanov, who took part in meetings with the World Bank and the International Monetary Fund, said he met Fitch and the ratings firm decided to take a closer look on Russia's economic situation before making the rating decision.

Write to Andrey Ostroukh at andrey.ostroukh@wsj.com