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Russia’s Credit Rating Plummets at Unprecedented Pace
Wall Street Journal ^ | 3/4/2022 | Anna Hirtenstein

Posted on 03/04/2022 8:02:18 AM PST by marcusmaximus

S&P Global slashed Russia’s credit rating on Friday for the second time in a week, stating that recent capital controls measures are increasingly likely to cause a default.

The sovereign is now rated CCC-, for both its local-currency and dollar debt. That is two notches above a default level.

A week ago, Russia was rated investment grade. The speed of its descent into the deepest levels of junk status is unprecedented, according to an S&P spokesperson.

(Excerpt) Read more at wsj.com ...


TOPICS: News/Current Events
KEYWORDS: default; russia; russiadefault
A week ago, Russia was rated investment grade. The speed of its descent into the deepest levels of junk status is unprecedented, according to an S&P spokesperson.
1 posted on 03/04/2022 8:02:18 AM PST by marcusmaximus
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To: marcusmaximus

Moving that finger closer to the red button.


2 posted on 03/04/2022 8:03:00 AM PST by MeneMeneTekelUpharsin (Freedom is the freedom to discipline yourself so others don't have to do it for you.)
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To: marcusmaximus

Yields must be sky-high. Betcha some risk seeking players are quietly buying.


3 posted on 03/04/2022 8:04:44 AM PST by BenLurkin ((The above is not a statement of fact. It is either opinion, or satire. Or both.))
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To: marcusmaximus

Putin doesn’t care...he’s got $600+ billion in cash reserves, and he can add to that by coercing the oligarchs still in country. Don’t forget, his oil is still being sold worldwide.


4 posted on 03/04/2022 8:08:39 AM PST by Night Hides Not (Remember the Alamo! Remember Goliad! Remember Gonzales! Come and Take It!)
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To: Night Hides Not

Russia will be in default by the end of next week.


5 posted on 03/04/2022 8:13:21 AM PST by marcusmaximus
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To: marcusmaximus

I met a lot of nice people when I visited Russia in ‘95. I hate what’s happening. I also met some nice people in Moscow who were from the Ukraine. Ditto.


6 posted on 03/04/2022 8:41:34 AM PST by LouAvul (The liberal's mantra: " I don't understand why this has to be so hard.")
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To: BenLurkin

“Yields must be sky-high.”

that would be THEORETICAL yields ... what’s the chance russia will actually ever pay off? ... and rouble-denomitated bonds, even if paid off, would be paid off in now-worthless roubles ... maybe “investors” would also be interested in Venezuelan, Greek or Nigerian bonds too ...


7 posted on 03/04/2022 9:04:18 AM PST by catnipman (Cat Nipman: In a post-covid world, ALL "science" is now political science ...)
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To: marcusmaximus

This is being discussed world wide. If they mis the $700b payment due, we’ll know. This could affect sovereign debt worldwide.


8 posted on 03/04/2022 9:39:49 AM PST by DownInFlames (P)
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To: marcusmaximus

Pension funds can’t hold junk rated debt instruments.


9 posted on 03/04/2022 9:45:30 AM PST by BiglyCommentary
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To: Night Hides Not

“Putin doesn’t care...he’s got $600+ billion in cash reserves”

And most if it is held in banks that have frozen the funds.

Domestically my understanding is Russia has around US$60bn in foreign currency holdings. Actual cash is estimated at around US$1.2bn mostly in €500 notes.


10 posted on 03/04/2022 9:46:32 AM PST by MercyFlush (DANGER: You are being conditioned to view your freedom as selfish)
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To: Night Hides Not

“Putin doesn’t care..”

That avoids the problem that just anout everyone else in Russia DOES CARE. He’s a dead man walking.


11 posted on 03/04/2022 9:48:50 AM PST by BiglyCommentary
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To: MeneMeneTekelUpharsin
Regarding the well-known Ezekiel 38 prophecy about the invasion of Israel by Magog (Russia) in the latter days. The Scripture reads:

“‘This is what the Sovereign Lord says: On that day thoughts will come into your mind and you will devise an evil scheme.

You will say, “I will invade a land of unwalled villages; I will attack a peaceful and unsuspecting people—all of them living without walls and without gates and bars. I will plunder and loot and turn my hand against the resettled ruins and the people gathered from the nations, rich in livestock and goods, living at the center of the land.

(Onlookers) will ask

Have you come to plunder? Have you gathered your hordes to loot, to carry off silver and gold . . ?
12 posted on 03/04/2022 10:02:19 AM PST by EliRoom8
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