News // Russia
Fitch Cuts Russia's Ratings
05 February 2009 , 10:21576
Fitch's downgrade follows one from Standard & Poor's in December, making it the second ratings cut for Russia since the end of the last major financial crisis a decade ago.
On the Fitch scale, Russia would now need to be cut just two more notches to become 'junk' rather than 'investment grade'.
The downgrade pushed the euro down to session lows versus the dollar below $1.29.
"The downgrade reflects the negative impact on Russia from the fall in commodity prices and the dislocation to global capital markets that has left Russian banks and companies struggling to refinance external debt, and the difficulties Russia faces in managing the necessary macroeconomic policy adjustments," says Edward Parker, Head of Emerging Europe in Fitch's Sovereigns team.
The agency also said it was concerned by the depletion of Russia's reserves, which have shrunk by a third, or around $200 billion, since August as Moscow sought to control a slide in the ruble and compensate for record capital outflows.
10:11 20.10.2017Oil prices retreat on Russian concerns about balance
16:07 19.10.2017Kazakhstanis fume over fuel shortage
13:30 02.10.2017India to receive its 1st shipment of crude from US on Monday
11:00 02.10.2017Russian budget deficit revised lower
18:00 22.09.2017Norway’s Oil Fund hits $1 000 000 000 000 in value
17:27 11.09.2017Rosneft boss expects oil prices between $40 - $43 per barrel in 2018