© Reuters. FILE PHOTO: Russian President Vladimir Putin speaks during a ceremony to present the highest state honors at the Kremlin in Moscow, Russia February 2, 2022. Sputnik/Sergey Karpuhin/Pool via REUTERS/File Photo
(Reuters) – Credit rating agency S&P said on Friday it had downgraded Russia’s long-term sovereign credit ratings in foreign currencies to ‘BB+/B’ from ‘BBB-/A-3’ and local currency ratings to “BBB-/A-3” from “BBB-/A-3”. ‘BBB/A-2’.
The sanctions announced against Russia could have significant direct and indirect effects on its foreign economic and trade activity, as well as on its financial stability, S&P said.
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