The Central Bank of Russia announced today, Sunday, that the closure of the stock market and exchange will continue during the trading week that starts tomorrow, Monday, and ends on Friday. This comes as Russian authorities are concerned about a severe drop in stock prices amid the invasion of Ukraine and the significant sanctions imposed on the Russian economy. Three major rating agencies downgraded Russia's long-term debt in early March to a level indicating a likelihood of default due to the accumulation of sanctions. Fitch later downgraded Moscow's rating further, estimating that the risk of sovereign debt default is "imminent."
Fitch Ratings downgraded the debt ratings of 28 Russian natural resource companies, estimating that "some form of default seems likely." The agency lowered the ratings of gas giant Gazprom, oil company Lukoil, and mining companies Rusal, Polyus, Evraz, and 23 other natural resource companies from "B" to "CC" in most cases, meaning it is "likely" that these companies will not meet their financial obligations, according to AFP, which was reviewed by Al Arabiya.net. Moody's also downgraded the ratings of Gazprom and Lukoil this week to a level indicating very high risk and a likelihood of default.
