Moody's downgrades ratings of 16 Russian regions

Moody's Investors Service has downgraded the ratings of sixteen Russian regions and cities and two government-related issuers to Ca with negative outlooks, Report informs referring to Moody’s website.

On March 6, Moody's downgraded Russia's rating to "Ca" from "B3".

“All Regional and Local Governments' (RLGs) Baseline Credit Assessments (BCAs) were also downgraded to Ca. This concludes the review for downgrade initiated on 1 March 2022.”

Specifically, Moody's has downgraded to Ca with a negative outlook the ratings of the cities of Moscow and St. Petersburg, SUE Vodokanal of St. Petersburg, OJSC Western High-Speed Diameter, Oblast of Moscow, Republic of Bashkortostan, Republic of Tatarstan, Khanty-Mansiysk AO, Oblast of Samara, Republic of Chuvashia, Krai of Krasnoyarsk, Krai of Krasnodar, Republic of Komi, Oblast of Omsk, Oblast of Nizhniy Novgorod, City of Krasnodar, City of Omsk and City of Volgograd.

This rating action follows the further significant weakening of Russia's credit profile as captured by the downgrade to Ca with a negative outlook of the sovereign rating on March 6, 2022.