“Fitch” Canceled Russia’s Ratings

Tuesday, March 29, 2022
“Fitch” Canceled Russia’s Ratings

On March 7, the agency announced the suspension of activities in Russia and the complete withdrawal of ratings of Russian companies and their subsidiaries by April 15

Due to Russia's invasion of Ukraine, EU countries have imposed a package of economic sanctions to counter the aggressor country. According to the 4th package of EU sanctions of March 15, all Eurospace agencies are prohibited from providing ratings to Russia and its companies, as well as providing services to legal entities and bodies from the Russian Federation. The deadline for the cessation of business in Russia and Russian companies was set on March 15.

At the time of withdrawal, the long-term and short-term ratings of the Russian issuer's default in foreign and national currency, as well as the rating of priority unsecured debt were at C, the ceiling of the country's rating B-.

We remind you that S&P Global Ratings also revokes the credit ratings of all companies and individuals from the Russian Federation.

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