Fitch cuts Russia's rating further into junk, says debt default is imminent

Fitch on Tuesday downgraded Russia's sovereign rating by six notches further into the junk territory to 'C' from 'B', saying a default is imminent as sanctions and trade restrictions have undermined its willingness to service debt.
 

The country's financial markets have been thrown into a turmoil by Western sanctions after it invaded Ukraine, raising significant concerns over its ability and willingness to service debt.
 

The rating firm pointed to Presidential decree, which could potentially force a redenomination of foreign-currency sovereign debt payments into local currency for creditors in specified countries.
 

Further ratcheting up of sanctions and proposals that could limit