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Moody’s cuts Russia rating to Ca on rise in default risk -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: New York, August 2, 2011, is captured a Moody’s sign at the 7 World Trade Center tower. REUTERS/Mike Segar

LONDON, (Reuters) – Moody’s (NYSE 🙂 reduced its Russia credit rating to Ca on Sunday. It maintained a negative outlook. The central bank capital controls would limit cross-border payments and include debt.

Rating agency Fitch stated that the downgrade was caused by “severe concerns about Russia’s ability and willingness to pay its debt obligations”, adding that default risk had increased.

The historical average will show investors a likely recovery, in proportion to a Ca rating. Moody’s stated that recovery expectations at the Ca level are between 35 and 65%.

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