Fitch downgraded Russia’s natural resource companies from B to CC, a category in which there is generally no outlook offered. In addition, in a report, the agency points out that it framed the companies in its negative rating observation (RWN). The rating reflects new restrictions that could hamper companies’ ability to repay debt and follow Fitch’s downgrade of Russia’s sovereign ratings on March 8, 2022.
The probable default is one of the highlights in the context of a regime of increasing sanctions, which could impose insurmountable barriers to the ability of many companies to make debt payments in foreign and local currency to certain international creditors.
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