Moody’s downgrades Russia’s rating by 6 notches at once

Moody’s has downgraded Russia’s long-term foreign debt rating by six notches at once, to B3 from Baa3, with the possibility of further downgrading, Report informs referring to Moody’s website.

“Moody's Investors Service has today downgraded the Government of Russia's long-term issuer (local- and foreign-currency) and senior unsecured (local- and foreign-currency) debt ratings to B3 from Baa3,” reads the message. “The ratings remain on review for further downgrade.”

It cited “heightened risk of disruption to sovereign debt repayment given the severe and coordinated sanctions and significant concerns around Russia’s willingness to service its obligations.”