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Credit rating agency Scope downgrades Russia’s sovereign debt rating to ‘BB+’ -Breaking

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© Reuters.

(Reuters] – Scope Credit Rating Agency reduced Russia’s sovereign credit ratings to BB+ and put them under review for further reductions citing the “severe reinforcement” of the sanctions imposed against the country in the wake of its invasion.

The agency stated that the agency was downgrading because of the severe strengthening of sanctions and associated weakness in credit fundamentals, as well as elevated geopolitical risks.

Scope also downgraded Russia’s short term issuer ratings down to S-3. They are currently being reviewed for further downgrade.

Russia’s invasion of Ukraine has triggered a flurry of credit rating moves, with S&P lowering Russia’s rating to ‘junk’ status, Moody’s (NYSE:) putting it on review for a downgrade to junk, and S&P and Fitch swiftly cutting Ukraine on default worries.

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