(Reuters) – Ratings agency S&P Global on Thursday cut Russia’s credit rating to even more “junk” territory as new international sanctions unleashed by the invasion of Ukraine and the country’s own protective measures increase the risk of default.
S&P downgraded Russia’s sovereign rating to “CCC-minus” from “BB-plus” less than a week after taking it down from investment grade.
Russia’s invasion of Ukraine, the biggest attack on a European state since World War II, has left its financial markets in turmoil after several countries imposed sanctions, while global brands left Russia in droves.
New restrictions by the G7 countries and capital controls introduced by the Russian government to protect the ruble could restrict the country’s ability to repay its debt, S&P said.
The ratings agency also warned of the possibility of further downgrades as it kept Russia under negative scrutiny.
Credit rating agencies Fitch and Moody’s also downgraded Russia’s rating – by six notches to junk status – on Wednesday. That sent the Russian ruble to record lows against the dollar and euro on Thursday.
(By Nishara Karuvali Pathikkal and Taru Jain in Bengaluru and Rodrigo Campos in New York)
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