Pitch, Russia's Credit Rating Further Downgraded "Sovereign Default Imminent"

Additional Demotion Measures After Six Days

[Image source=Yonhap News]

[Asia Economy Reporter Yu Je-hoon] Fitch, one of the world's three major credit rating agencies, has further downgraded Russia's sovereign credit rating.

On the 8th (local time), Fitch announced that it had downgraded Russia's long-term issuer default rating (IDR) by six notches from B to C.

Earlier, on the 2nd, Fitch had already lowered Russia's credit rating by six notches from BBB to B. This means Russia's Fitch credit rating has dropped 12 notches in just six days.

In Fitch's credit rating system, below the C rating are only the default categories DDD, DD, and D. Fitch stated, "The C rating reflects our view that sovereign default is imminent."

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