Fitch cuts Russia's rating further into junk, says debt default imminent - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.

📆 9/3/2022 10:27 AM
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Fitch on Tuesday downgraded Russia’s sovereign rating by six notches further into the junk territory to ‘C’ from ‘B’, saying a default is imminent as sanctions and trade restrictions have undermined its willingness to service debt.

The change comes less than a week after Fitch revoked Russia's investment-grade status, slashing its rating to"B"from"BBB".The change comes less than a week after Fitch revoked Russia's investment-grade status, slashing its rating to"B"from"BBB".

The rating firm pointed to Presidential decree, which could potentially force a redenomination of foreign-currency sovereign debt payments into local currency for creditors in specified countries. On March 16, Russia is due to pay $107 million in coupons across two bonds, though it has a 30-day grace period to make the payments.

Write Comment

Fitch is back😂😂

Hayi suka these rating agencies are a scam

Aaah you think puting cares

Willingness or ability to service the debt?

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