Fitch downgrades Russia to 'C'

Fitch Ratings has downgraded Russia’s Long-Term Foreign Currency Issuer Default Rating (IDR) to 'C' from 'B', Report informs referring to the agency’s website.

Russia’s Long-Term Local Currency IDR has been downgraded to 'C' from 'B+'.

The Short-term foreign and local currency IDRs are downgraded to 'C' from 'B' and the Country Ceiling to 'B-' from 'B.'

“The 'C' rating reflects Fitch's view that a sovereign default is imminent,” reads the press release.