S&P Global to withdraw all outstanding ratings on Russian entities

(Reuters) -S&P International Rankings, a unit of economic info supplier S&P International Inc, stated on Monday it can withdraw rankings for all Russian entities earlier than April 15.

The choice comes weeks after father or mother firm S&P International stated it was suspending business operations in Russia, becoming a member of a worldwide exodus of firms overseas attributable to tightening financial sanctions over Moscow’s invasion of Ukraine.

The credit standing company is doubling down on its company boycott of Russia after the European Union introduced a ban on offering credit score rankings to authorized individuals, entities or our bodies established in Russia, S&P International Rankings stated.

Western sanctions have frozen a lot of Russia’s central financial institution’s $640 billion in property, barred a number of banks from international funds system SWIFT and despatched the rouble into free fall.

Credit standing businesses Moody’s and Fitch additionally suspended business operations in Russia earlier this month.

(Reporting by Niket Nishant in Bengaluru; Modifying by Shounak Dasgupta)

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