18 Mar 2022 09:36

S&P downgrades Russia long-term ratings to CC, with negative outlook

LONDON. March 18 (Interfax) - S&P Global Ratings has downgraded Russia's long-term foreign currency and local currency credit ratings to 'CC' from 'CCC-', citing expectations that the country will face technical difficulties servicing its Eurobonds in the coming weeks.

The transfer and conversion risk assessment has been downgraded to 'CC' from 'CCC-', while the short-term ratings have been left at 'C,' the rating agency said in a press release. The ratings have been left on watch with a negative outlook.