Russia's credit rating cut to junk by S&P as other agencies mull or take downgrade action

Russia’s credit rating was cut to junk by S&P Global Ratings, part of a wide review by all major rating agencies to grade the soundness of the gas-exporting giant’s financial health after the country’s invasion of Ukraine.

Moody’s Investors Service, meanwhile, said late Friday it has placed Russia’s and Ukraine’s credit ratings on review for possible downgrades, again to speculative, or junk, ratings for Russia.

S&P joined Fitch Ratings in downgrading Ukraine.

The war, which entered its third day Saturday as Russian troops reportedly pushed into the capital Kyiv, has prompted the U.S. and allies to impose sanctions on Russia. President Joe Biden also sanctioned Vladimir Putin’s own finances and those of several key aides.