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Moody’s Downgrades Rating of 17 Russian Cities, Regions

© AFP 2023 / Emmanuel DunandMoody's
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Moody's Investors Service has downgraded the rating of 17 Russian cities and regions, with Moscow's rating downgraded from Baa2 to Baa3.

A sign for Moody's rating agency is displayed at the company headquarters in New York - Sputnik International
Moody's Downgrades Russian Gazprom's Foreign, Local Currency Ratings
MOSCOW, January 21 (Sputnik) — The rating of St. Petersburg has also been downgraded to Baa3.

Earlier in January, Moody's downgraded the Russian government bond rating from Baa2 to Baa3, as the rating agency expected that falling oil prices and the weakened ruble would further hamper Russia's growth prospects.

Moody's - Sputnik International
Moody's Downgrades Three Major Russian Financial Institutions

On Monday, the agency also downgraded the long- and short-term ratings of three major Russian lenders, including Sberbank, Vnesheconombank and the Agency for Housing Mortgage Lending OJSC.

Russia is currently facing an economic downturn amid declining oil prices, as the country's budget heavily depends on energy exports. Russia is also suffering from a backlash from Western sanctions imposed on Moscow over the crisis Ukraine, although the Kremlin has repeatedly denied any involvement in the crisis.

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