YEREVAN, March 21. / ARKA /. Russia’s credit rating outlook was cut to negative from stable by Fitch Ratings, citing the potential impact on a slowing economy of Western sanctions imposed after its annexation of Ukraine’s Crimea region.
Fitch’s move followed a decision by Standard & Poor’s to change its outlook on Russia to negative. Both companies affirmed the former Soviet state’s ranking at BBB, the second-lowest investment grade.
Russian President Vladimir Putin earlier this week signed the treaty to annex Crimea following Sunday’s hastily called referendum which overwhelmingly supported that move. The West considers the vote illegitimate.
The Russian stock market has lost more 10 per cent this month, wiping out billions in market capitalization.
U.S. President Barack Obama on Thursday ordered economic sanctions against nearly two dozen members of Mr. Putin’s inner circle and a major Russian bank that provides them support. -0-
