Fitch Ratings downgraded its credit ratings on Russia by six notches to 'C', near the bottom of its scale.
"The 'C' rating reflects Fitch’s view that a sovereign default is imminent," the company said in a statement on Tuesday. "More generally, The further ratcheting up of sanctions, and proposals that could limit trade in energy, increase the probability of a policy response by Russia that includes at least selective non-payment of its sovereign debt obligations."
It's worth noting that Moody’s Investors Service downgraded its rating on Russia to Ca earlier this week, and S&P Ratings cut it to CCC-, three levels above a default score.
