Russia finished second in Bank of America Merrill Lynch’s emerging markets rankings, Bloomberg reported.
Russia overtook China for the first time since the bank started the ranking in 2009, with South Korea remaining in first place.
The rating is based on a variety of data on financial stability such as data on economic growth, inflation and the vulnerability of the budget.
"China is still in the top five regarding GDP growth but the country's private and public debt indicators, the current account and reserve adequacy are weak," said David Hauner, a strategist for Bank of America. According to him, Russia has "weak growth, but current-account, fiscal and leverage indicators remain among the strongest."
China ranked third, followed in order by India, Indonesia, Poland, Mexico, Brazil, Turkey and South Africa.