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Russia and Ukraine: "Fitch" agency downgrades Moscow's credit rating and expects it to default on its debt soon

Russia and Ukraine: “Fitch” agency downgrades Moscow’s credit rating and expects it to default on its debt soon

picture released, Getty Images

The leading credit rating agency, Fitch, has warned that Russia will soon be unable to repay its debts.

The agency lowered its rating on Russia’s public debt, warning that a default was “imminent”.

This comes amid increased international sanctions against Russia following its invasion of Ukraine.

A credit rating is intended to help investors understand the level of risk they face in buying a country’s debt, or bonds.