Moody’s downgrades Russia’s rating to Ca as default risk increases

Moody's sign at 7 World Trade Center Tower in New York
FILE PHOTO: A Moody’s sign on the 7th World Trade Center tower is photographed August 2, 2011 in New York. REUTERS/Mike Segar

March 6, 2022

LONDON (Reuters) – Moody’s on Sunday lowered its credit rating for Russia to Ca and maintained a negative outlook, citing central bank capital controls that would restrict cross-border payments, including debt.

The downgrade is “driven by serious concerns about Russia’s willingness and ability to service its debt obligations,” the rating agency said, adding that default risks had increased.

“The likely recovery for investors will be in line with the historical average, which corresponds to a Ca rating. At the Ca rating level, recovery expectations are between 35% and 65%,” added Moody’s.

(Reporting by Sujata Rao and Guy Faulconbridge; Editing by Catherine Evans) Moody’s downgrades Russia’s rating to Ca as default risk increases

Caroline Bleakley

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