Credit Suisse Says Russian Company Defaults Are ‘Inevitable’
This article is for subscribers only.
More Russian company defaults are in store amid a record drop in the ruble stoked by a slump in the price of oil, according to Valery Pushnya from Credit Suisse Group AG.
There’s a “clear mismatch” as the pain companies are feeling from this year’s more than 40 percent drop in the ruble and in oil hasn’t yet fed through to bankruptcy, employment and economic growth data, said Pushnya, the head of emerging markets in Europe, Middle East and Africa at the Swiss lender.