Moody's to Stop Local Russian Credit Ratings Amid Legal Changes
- Russian debt ratings for international markets will continue
- Fitch has also said it will probably cease local ratings
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Moody’s Investors Service said it will stop issuing local ratings on Russian companies and close a credit grading joint venture with Interfax before new rules make it impossible for the U.S.-based firm to abide by international sanctions against Moscow.
Under a new Russian law taking effect in 2017, Moody’s, Standard & Poor’s and Fitch Ratings can only issue local ratings through a Russia-regulated subsidiary that agrees ratings can’t be withdrawn under outside political pressure.