Russia’s rating down again. Country entry into

Photo source: Fitch Ratings.

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Fitch further downgraded Russia’s sovereign rating in the non-recommended investment area and said that Russia’s failure to pay was “imminent”.

Like other major rating agencies, S&P Global Ratings and Moody’s, Fitch placed Russia’s rating in early March in the “junk” area, where countries are considered to be in danger of failing. and could repay debts.

But on Tuesday, Fitch further lowered Russia’s sovereign rating from “B” to “C,” Digi24 reported.

On the rating scale used by Fitch, a rating of type “C” is only one step above “default”. Following Tuesday’s decision, Fitch downgraded Russia’s rating to “C” by Moody’s.

“The ‘C’ rating reflects Fitch’s view that a sovereign default is imminent,” the rating agency said in a press release. Fitch added that the new demotion came as a result of developments in recent days that “further undermined Russia’s willingness to provide government debt service.”

The United States and the United Kingdom announced on Tuesday a ban on energy imports from Russia, with the United States banning it immediately and in the case of the United Kingdom, oil imports from Russia will be phased out by the end of the year.

If Russia were to default, it would be a first since the 1998 crisis.