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S&P Downgrades Russian Government Bonds by Eight Levels

Ratings agency S&P Global announced a downgrade of Russian government bonds on March 3. It lowered its long-term foreign currency debt rating by eight levels, from "double B-plus" to "triple C-minus," which is considered extremely high credit risk. The company said the downgrade was due to economic sanctions imposed by the Group of Seven (G7) major economies to freeze the foreign currency reserves of Russia's central bank, which has worsened Russia's creditworthiness.

Nihon Keizai Shimbun