Moody's downgrades Russia's credit rating

In a statement made by Moody's, it was reported that Russia's credit rating was downgraded and the country's credit rating remains under scrutiny for further downgrades.

In the statement, it was noted that Russia's credit rating was downgraded from "Baa3" to "B3".

Pointing out that the downgrade of the country's credit rating is due to the "heavy" sanctions imposed on Russia by Western countries, it was stated that the risk of disruption in the repayment of the country's debt increased given the severe and coordinated sanctions and significant concerns about Russia's willingness to fulfill its obligations.

In the statement, it was stated that there is a possibility of continued deterioration in the economy and financial sector due to the sanctions that limit access to Russia's international reserves.

Pointing out that the scope and severity of the sanctions announced so far exceeded Moody's expectations, it was noted that this would have significant credit effects.

Moody's reported on February 25 that the credit ratings of Russia and Ukraine were under review after Russia's attack on Ukraine.