S&P cuts Russia's ratings to 'CC' on debt default risk

Reuters

Posted at Mar 18 2022 08:22 AM

An electronic panel displaying the dollar sign at an exchange office in Moscow, Russia, 10 March 2022. EPA-EFE/MAXIM SHIPENKOV
An electronic panel displaying the dollar sign at an exchange office in Moscow, Russia, 10 March 2022. EPA-EFE/MAXIM SHIPENKOV

S&P on Thursday lowered its long-term sovereign credit rating on Russia to "CC" from "CCC-", as the country reported difficulties meeting debt-service payments on the due date on its US dollar-denominated 2023 and 2043 Eurobonds.

"Although public statements by the Russian Ministry of Finance suggest to us that the government currently still attempts to transfer the payment to the bondholders, we think that debt service payments on Russia's Eurobonds due in the next few weeks may face similar technical difficulties," the ratings agency said.

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