Free Republic

Russia’s credit ratings were downgraded deep into junk territory by Moody’s Investors Service and Fitch Ratings, with the duo highlighting the economic toll inflicted by wide-ranging sanctions and rising doubts about whether Moscow will honor its debts. “The severity of international sanctions in response to Russia's military invasion of Ukraine has heightened macro-financial stability risks, represents a huge shock to Russia's credit fundamentals and could undermine its willingness to service government debt,” Fitch said in a statement issued late Wednesday U.S. time. -snip- The moves mean all three of the world’s major ratings firms now judge Russian debt to be...