On Saturday, Fitch cut the ratings of gas giant Gazprom, oil major Lukoil, mining companies Rusal, Polius, Evraz and 23 other companies from B to “mainly CC”, which means that it is “likely” that these companies will default on their commitments. Finance.
Rating agency Moody’s had previously downgraded Gazprom and Lukoil accordingly. The Russian government’s permission to pay debts to the so-called hostile countries in rubles threatens the ability of these companies to pay their creditors on time.
Moscow’s list, drawn up in response to mounting Western sanctions over the invasion of Ukraine, includes European Union countries, Australia, the United Kingdom, Canada, Monaco, South Korea, the United States, Switzerland and Japan.
In early March, three major rating agencies ranked Russia’s long-term debt in the category of countries that may not be able to pay their debts due to mounting sanctions against the country. Later Fitch downgraded the credit rating further, which means that the risk of a sovereign default was “imminent” in their eyes.
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