Fitch downgrades Russia's long-term foreign currency issuer rating to C from B

09:20, 09.03.2022 1 min read

Fitch Ratings downgraded Russia's Long-Term Foreign Currency Issuer Default Rating (IDR) to 'C' from 'B' on Tuesday.

Russia's long-term local currency IDR has been cut to 'C' from 'B+,' the short-term foreign and local currency IDRs have been downgraded to 'C' from 'B' and the country ceiling has been lowered to 'B-' from 'B,' the agency said.

"The 'C' rating reflects Fitch's view that a sovereign default is imminent," the agency said.

Earlier this month, Fitch downgraded Russia's long-term foreign currency IDR to 'B' from 'BBB' and put it on review for a possible further downgrade. Developments since then have "further undermined Russia's willingness to service government debt," Fitch said.