Moody's, Fitch downgrade Russia's rating

By Gokhan Ergocun

ISTANBUL (AA) - Credit rating agencies Fitch and Moody's downgraded Russia's note over the recent developments.

Moody's said Thursday that Russia's note dropped to B3 from Baa3, which means Russia's position was determined as high credit risk.

Fitch also downgraded the note from BBB to B, which is the same as Moody's classification.

"The multi-notch downgrade of Russia's ratings and maintaining the review for further downgrade were triggered by the severe sanctions that Western countries have imposed on Russia," Moody's said.

Fitch also said the sanctions will have a larger impact on the Russian economy.

Russia's war on Ukraine has been met by outrage from the international community, with the EU, UK, and US implementing a range of economic sanctions on Russia.