By Stephen Nakrosis
Scores companies on Monday stated they have been downgrading some Russian monetary establishments as that nation’s financial system offers with sanctions imposed within the wake of its invasion of Ukraine.
S&P International Scores stated it downgraded long- and short-term issuer credit score rankings on Russian monetary establishments, their associated corporations and their debt issuers following the reducing of Russia’s rankings final week.
On March 3, S&P stated, it lowered Russia’s overseas forex sovereign credit score rankings to ‘CCC-/C’ from ‘BB+/B’ and the nation’s native forex rankings to ‘CCC-/C’ from ‘BBB-/A-3.’ S&P additionally stated the sovereign rankings stay on CreditWatch detrimental.
“The downgrade follows the imposition of measures that we imagine will doubtless considerably improve the chance of economic establishments’ default,” S&P stated.
Additionally on Monday, Fitch Scores stated it was downgrading PJSC Financial institution Zenit’s, Public Joint-Inventory Firm MTS Financial institution’s and JSB Almazergienbank’s Lengthy-Time period Issuer Default Scores to ‘B’ and Viability Scores to ‘b’. Fitch additionally stated the rankings have been positioned on Score Watch Damaging.
The actions observe Fitch’s downgrade of Russia’s sovereign ranking to ‘B’/RWN final week, the company stated.
Write to Stephen Nakrosis at stephen.nakrosis@wsj.com