Moody’s Investors Service, the bond credit rating business of Moody’s Corporation has on Thursday withdrawn all ratings on the Government of Russia and its rated Russian sub-sovereign entities, they did this for its own business reasons.
The European Union has banned EU credit rating agencies from assigning credit ratings to Russia and Russian companies, which includes the provision of rating services to Russian clients.
Moody’s withdrew the sovereign ratings and sub-sovereign ratings assigned to the cities of Moscow and St. Petersburg, Krasnodar, Omsk and Volgograd, as well as the Moscow Region, Bashkortostan, Tatarstan, Chuvashia, Komi, Khanty-Mansiysk Autonomous District, Krasnoyarsk and Krasnodar territories, and Samara, Omsk and Nizhny Novgorod Regions.
It also withdrew ratings assigned to the water utility FSUP Vodokanal St. Petersburg water utility and highway operator OJSC Western High-Speed Diameter.
The ratings assigned to Russia and all aforementioned issuers was ‘Ca’ with negative outlook when Moody’s withdrew.