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Reuters
Moody’s cuts Russia rating to Ca on rise in default risk
LONDON (Reuters) -Moody’s cut Russia’s credit rating to Ca on Sunday, the second-lowest rung of its ratings ladder, citing central bank capital controls that are likely to restrict payments on the country’s foreign debt and lead to default. Moody’s said its decision to cut Russia’s rating was “driven by severe concerns around Russia’s willingness and ability to pay its debt obligations”. Russia’s economy has been plunged into crisis as a result of harsh sanctions imposed by the West which include freezing assets of the central bank held overseas and severing several Russian banks from the SWIFT international payments systems.
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