Russia cut to 'junk' by Moody's, Fitch; tanks roll into Kherson

Moody's cut Russia's ratings to B3 from Baa3, with the ratings company saying there may be further cuts

Russia’s long-term foreign debt rating was downgraded by Moody’s and Fitch, as Russian army tanks rolled into Kherson, the first major city to fall  since Moscow invaded a week ago. Despite the global pressure to back off, President Vladimir Putin  told French leader Emmanuel Macron on Thursday that Russia would achieve the goals of its military intervention in Ukraine whatever happens, the Kremlin said. 

In southern Ukraine, Kherson, the strategic port city of 290,000 people near the Black Sea came under siege as Russian forces pressed ahead with their  offensive across major urban centres.

Moody’s cut Russia’s ratings to B3 from Baa3,