Economy 2023-11-15T05:26:44+02:00
Ukrainian news
Fitch To Withdraw Ratings On Russian Entities

Fitch To Withdraw Ratings On Russian Entities

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Fitch Ratings, an international credit rating agency, intends to withdraw its ratings on all relevant Russian entities and their subsidiaries in order to comply with European Union sanctions.

The rating agency announced this in a statement, the Ukrainian News agency reports.

According to the statement, the ratings will be withdrawn in advance of the April 15, 2022 deadline imposed by the EU.

On March 7, the Fitch Group announced the suspension of its commercial activities in Russia.

On March 7, 2022, the Fitch Group announced the suspension of its commercial operations in Russia.

On March 15, 2022, the EU announced a ban on providing credit ratings to legal persons, entities, or bodies established in Russia.

As Ukrainian News Agency earlier reported, Fitch recently published its latest ratings on Russian financial institutions.

Fitch Ratings has downgraded 31 Russian banks' Long-Term Foreign Currency (LTFC) Issuer Default Ratings (IDRs) to 'CC' from 'B' and removed them from Rating Watch Negative (RWN).

According to Fitch's rating definitions, a 'CC' Issuer Default Ratings indicates very high levels of credit risk and that default of some kind appears probable.

The list of banks includes Sberbank, Alfa-Bank, Tinkoff, Raiffeisenbank, MKB, and Gazprombank.