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“The severe strengthening in sanctions with an associated weakening of credit fundamentals and elevated geopolitical risk drive the downgrade,” the agency said.
Scope also downgraded Russia’s short-term issuer ratings to S-3 and placed them under review 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:MCO) putting it on review for a downgrade to junk, and S&P and Fitch swiftly cutting Ukraine on default worries.
