Fitch Ratings has lowered its long-term local and foreign currency Issuer Default Ratings (IDR) on the Russian Federation to "BBB" from "BBB+", the agency said in a press release on February 4. The short-term foreign currency IDR was lowered to "F3" from "F2". The Country Ceiling was lowered to "BBB+" from "A-". The outlook on the long-term ratings remains negative. "The downgrade reflects the negative impact on Russia from the fall in commodity prices and the dislocation to global capital markets that has left Russian banks and companies struggling to refinance external debt, and the difficulties Russia faces in managing the necessary macroeconomic policy adjustments," said Edward Parker, Head of Emerging Europe in Fitch's Sovereigns team.
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