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S&P on Thursday lowered Russia’s rating to ‘CC’ from ‘CCC-‘, as the country reported difficulties meeting debt payments due on its dollar-denominated 2023 and 2043 Euro bonds.

Russia's payment difficulties stem from international sanctions that reduced its available foreign exchange reserves and restricted its access to the global financial system, markets and infrastructure, the ratings agency said.Russia's payment difficulties stem from international sanctions that reduced its available foreign exchange reserves and restricted its access to the global financial system, markets and infrastructure, the ratings agency said.

Russia’s payment difficulties stem from international sanctions that reduced its available foreign exchange reserves and restricted its access to the global financial system, markets and infrastructure, the ratings agency said. Russian bonds are hovering at deeply distressed levels in very illiquid trading, with most issues trading less than a handful of times a day, according to Refinitiv data.

 

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