Moody's has downgraded the ratings of sixteen Russian regions and cities and two government-related issuers to ‘Ca’ with negative outlooks, the international rating agency said in a press release on Friday. All Regional and Local Governments' (RLGs) Baseline Credit Assessments (BCAs) have also been downgraded to the same rating.
"This rating action follows the further significant weakening of Russia's credit profile as captured by the downgrade to Ca with a negative outlook of the sovereign rating on 6 March 2022. The sovereign action is driven by severe concerns around Russia's willingness and ability to pay its obligations," the statement said.
Specifically, Moody's has downgraded the ratings of Moscow, St. Petersburg, Nizhny Novgorod, Volgograd, the Samara Region, the Republic of Bashkortostan, the Republic of Tatarstan, the Republic of Chuvashia, the Republic of Komi, the Khanty-Mansi Autonomous Area, the Krasnoyarsk Region, the Omsk Region, the Krasnodar Region.
"Sub-Sovereigns' ability to meet their debt obligations is impaired by heightened uncertainty about how the institutional framework will be applied and whether the disruptions in bond payments in Russia may also affect sub-sovereign issuers," Moody’s said.
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