March 9 2022: Fitch Ratings has downgraded Russia’s credit rating further into ‘junk’ territory, from “B” to “C”.
“The ‘C’ rating reflects Fitch’s view that a sovereign default is imminent,” according to a statement from the American credit rating agency on Tuesday.
The change comes less than a week after Fitch’s last downgrade, when it revoked Russia’s investment-grade status.
Sanctions and trade restrictions have plunged the country’s financial markets into turmoil and raised concerns about its ability to service debt.
