S&P downgrades Russia’s long-term rating to CCC- from BBB-

MOSCOW, Mar 4 (PRIME) -- International rating agency S&P Global Ratings (S&P) has downgraded Russia’s long-term sovereign credit rating in foreign currency to CCC- from BBB-, the agency said in a statement on Friday.

The long-term sovereign credit rating in national currency has also been revised down to CCC-.

The agency placed both ratings on CreditWatch with a negative outlook.

According to S&P’s estimates, international sanctions have halved Russia’s available foreign currency reserves, including foreign currency deposits and securities placed in the U.S., E.U. and Japan, over the past week.

End