Connect with us


World

Fitch, Moody’s Slash Russia’s Sovereign Rating To Junk

Fitch, Moody’s Slash Russia’s Sovereign Rating To Junk

Published

on

Ratings agencies Fitch and Moody’s downgraded Russia by six notches to “junk” status, saying Western sanctions threw into doubt its ability to service debt and would weaken the economy.

Russia’s financial markets have been thrown into turmoil by sanctions imposed over its invasion of Ukraine, the biggest attack on a European state since World War Two. read more

Advertisement

The invasion has triggered a flurry of credit rating moves and dire warnings about the impact on Russia’s economy. S&P lowered Russia’s rating to junk status last week.

It also prompted index providers FTSE Russell and MSCI to announce on Wednesday that they will remove Russian equities from all their indexes, after a top MSCI executive earlier this week called Russia’s stock market “uninvestable”. read more

Advertisement
READ ALSO:   How Toyota Snubbed Nigeria As It Opens Assembly Plant In Ghana

FTSE Russell said the decision will be effective from March 7, while MSCI said its decision will be implemented in one step across all MSCI indexes as of the close on March 9. MSCI said it is also reclassifying MSCI Russia Indexes from emerging markets to standalone markets status.

Russia (.MIRU00000PUS) has a weighting of 3.24% in MSCI’s emerging market benchmark (.MSCIEF) and a weighting of around 30 basis points in the index provider’s global benchmark (.MIWD00000PUS).

Advertisement

The Institute of International Finance predicts a double-digit contraction in economic growth this year. read more

Fitch downgraded Russia to “B” from “BBB” and placed the country’s ratings on “rating watch negative”. Moody’s, which last week had flagged the possibility of a downgrade, also cut the country’s rating by six notches, to B3 from Baa3.

Advertisement
READ ALSO:   Breaking: What US President Said As Isreali-Palestinan Conflict Worsens
Advertisement







Top Stories10 hours ago

Serving NYSC members can apply – FIRS gives update on recruitment exercise

Top Stories10 hours ago

Supreme Court allows Pennsylvania to count contested provisional ballots, rejecting Republican plea

Tech10 hours ago

New Zealand introduces new visa category to support seasonal workers in 2025

Politics10 hours ago

Oluremi Tinubu Must See Young, Malnourished Detainees As Her Own Children, CISLO

News10 hours ago

Electricity Consumers Demand Disconnection Over Rising Tariffs

Top Stories10 hours ago

EFCC arrests Edo Accountant-General, others ahead of Gov Obaseki’s handover

Entertainment23 hours ago

“Some men think I’m misleading their wives, but I’m not advocating for divorce or separation cos I love family” – May Edochie corrects misconception

Top Stories24 hours ago

What You Need To Know As Man Utd Announce Amorim As New Manager

News24 hours ago

Woman stabs her husband to d3ath in Ibadan

News24 hours ago

Court Grants N1.1Bn Bail To 114 Protesters Accused Of Burning Public Facilities

Top Stories24 hours ago

Tinubu rejects NEC’s proposal to withdraw tax bill, urges Council to follow ‘legislative process’

Politics1 day ago

Speaker Obasa Presents Vehicles To Lagos Assembly Senior Staff

News1 day ago

FIRS begins recruitment of tax officers nationwide (how to apply)

Entertainment1 day ago

Burna Boy’s mum must beg me on national TV for forgiveness – Speed Darlington

Entertainment1 day ago

Unauthorized use of police uniform: VeryDarkMan granted bail on stringent terms

Also Read...