Fitch Ratings has downgraded 20 Russian local and regional governments' (LRGs) Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) to 'C', Report informs referring to Fitch website.
The regions and cities with the revised rating include Moscow and the Moscow Region, St. Petersburg, Novosibirsk, Krasnoyarsk Region, Stavropol Region, Yamal-Nenets Autonomous District, Altai Region, the republics of Mari El, Bashkortostan, Sakha (Yakutia), Tatarstan, Sverdlovsk, Kirov, Nizhniy Novgorod, Novosibirsk, Orenburg, Yaroslavl, Chelyabinsk, Lipetsk regions.
For these regions, this is the second downgrade in two weeks.
Earlier, the agency downgraded the ratings of Russian energy companies to "CC."