May 25, 2022

Wire Service Canada

Complete Canadian News World

Standard & Poor’s downgrades Russia and Ukraine’s ratings

(ANSA) – NEW YORK, Feb 25 – Standard & Poor’s downgraded Russia’s rating to BB+ and put it on probation with negative implications. “We believe that announced sanctions can have significant direct and indirect effects on economic activity, confidence and financial stability. There is great uncertainty about the evolution of the geopolitical conflict and further sanctions, but also on the economic and financial ramifications of existing restrictions,” says the S&P.

Standard & Poor’s downgrades Ukraine’s rating to B- and puts it under a microscope with negative implications, effectively warning of the possibility of further rating downgrades. “The Russian military attack poses risks to Ukraine’s economic growth, financial stability and public finances,” Standard & Poor’s said in a note, noting that “a negative credit watch suggests that we could downgrade the rating if uncertainties related to the military conflict subside significantly. The financial system or administrative capacity of the Government of Ukraine”. (handle).

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