Moody’s Cuts Russia Rating to Ca on Rise in Default Risk

Moody’s Cuts Russia Rating to Ca on Rise in Default Risk
A Moody's sign on the 7 World Trade Center tower in New York on Aug. 2, 2011. Mike Segar /Reuters
Reuters
Updated:

LONDON—Moody’s cut its credit rating on Russia to Ca on Sunday and kept a negative outlook, citing central bank capital controls that would restrict cross-border payments including on debt.

The downgrade is “driven by severe concerns around Russia’s willingness and ability to pay its debt obligations,” the rating agency said, adding that default risks had increased.