Fitch Lowered Russia's Rating by another 6 Points

Business » FINANCE | March 9, 2022, Wednesday // 11:47
Bulgaria: Fitch Lowered Russia's Rating by another 6 Points Wikimedia Commons

The international agency “Fitch” lowered Russia's rating by another six points from “B” to “C” and said that a debt default is inevitable, Reuters reported.

"The 'C' rating reflects Fitch's view of the inevitability of a sovereign default," the statement said.

The agency said it had downgraded Russia after downgrading it to “B” with a negative outlook on March 2, but events have since further undermined Russia's willingness to service its public debt. It is noted that further tightening of sanctions, which may restrict trade in energy, increases the likelihood of Russia's selective non-payment of its sovereign debt obligations.

Russia's central bank has announced a $ 10,000 limit on foreign currency withdrawals, Reuters reported. The measure will be in force until September 9.

Clients can withdraw up to 10 thousand USD in cash per person, and the remaining funds - in rubles at the market rate on the day of issue.

“Banks will not sell cash to citizens until September 9. It will be possible for citizens to exchange currency for rubles at any time and in any amount,” economist Lachezar Bogdanov explained on his Facebook page this morning.

/OFFNews

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