THIS MESSAGE (MATERIAL) IS CREATED AND (OR) DISTRIBUTED BY A FOREIGN MASS MEDIA PERFORMING THE FUNCTIONS OF A FOREIGN AGENT AND (OR) A RUSSIAN LEGAL ENTITY PERFORMING THE FUNCTIONS OF A FOREIGN AGENT.
The international rating agency Fitch downgraded the long-term ratings of 31 Russian banks from “B” to “CC”, and also excluded them from the Rating Watch list (rating under review) with a negative outlook.
According to a publication on the agency’s website, the rating was downgraded, in particular, of Raiffeisenbank, MKB, Gazprombank, Alfa-Bank, Sberbank and Tinkoff Bank. According to Fitch’s criteria, a ‘CC’ level means that the company ‘appears likely’ to default in some form or another.
The agency also downgraded the Viability Ratings of all Russian banks from ‘BB’ to ‘CCC-‘. They were removed from the Rating Watch list with a negative outlook “to reflect the sharp deterioration in the operating environment for banking,” the agency said. As a result, Russia’s operating environment rating was revised down from ‘B’ to ‘CCC-‘, indicating a low degree of sustainability and a real possibility of default.
On February 24, Russian President Vladimir Putin made an emergency appeal to the Russians and announced a special military operation in the Donbass. In his speech, he stated that “circumstances require decisive action from Russia” and stressed that “Russia will not allow Ukraine to have nuclear weapons.” In response to Russia’s actions, Western countries (USA, Canada, EU, UK, Japan) announced new, tougher sanctions against the Russian Federation, including financial and economic ones.
You can follow the chronicle of events in connection with the situation in Ukraine here.
Source: Rosbalt
Tristin is an accomplished author and journalist, known for his in-depth and engaging writing on sports. He currently works as a writer at 247 News Agency, where he has established himself as a respected voice in the sports industry.
