22 Mar 2022 11:31

S&P to withdraw ratings of all Russian companies until April 15 amid EU ban on their assignment

LONDON. March 22 (Interfax) - S&P Global Ratings will withdraw the credit ratings of all Russian companies and organizations until April 15 amid the European Union's ban on their being assigned ratings, the international rating agency said in a statement.

The corresponding decision has been taken because of the previously mentioned EU ban imposed on EU credit rating agencies' assigning ratings to Russia and Russian companies, as well as the ban on providing rating services to Russian clients.

As stated, S&P will withdraw the ratings until April 15, the EU's set deadline, the rating agency's analysts said. S&P had previously announced the suspension of its commercial activities in Russia amid the situation in Ukraine.

As previously reported, S&P downgraded the long-term credit rating of the Russian Federation in national and foreign currency to "CC" from "CCC-", while short-term ratings remain at "C". The ratings remain under review with a negative outlook, the agency said in the statement.

The deterioration in the long-term ratings is the result of expectations that Russia will face technical difficulties in servicing Eurobonds in the coming weeks.