Russia’s Rating Cut by Fitch, Seeing ‘Imminent’ Bond Default
- Increased sanctions boost risk of non-payment, Fitch says
- Fitch joins Moody’s in warning on Russia creditworthiness
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Russia was downgraded to the second lowest level by Fitch Ratings, which said a bond default is “imminent” as a result of measures ushered in since the war in Ukraine.
The company cut Russia’s rating by six notches to C, just one step above borrowers who have already been driven into default, it said in a statement Tuesday.