Russian finance ministry says rating cuts are geopolitical

A sign is on display outside Russia’s Finance Ministry building in Moscow, Russia March 30, 2021. A sign reads: “Ministry of Finance of the Russian Federation”. REUTERS/Maxim Shemetov/File Photo

MOSCOW, Feb 26 (Reuters) – Russia’s finance ministry said on Saturday that the sovereign rating cut by Standard and Poor’s and a move to review the country’s rating by Moody’s were linked to geopolitical factors.

Russia’s invasion of Ukraine triggered a flurry of credit rating moves on Friday, with S&P lowering Russia’s rating to ‘junk’ status and Moody’s putting it on review for a downgrade to junk. read more

The finance ministry said in a statement that Russia remained financially stable and would continue following prudent financial and budget policy.

Reporting by Olzhas Auyezov; Editing by Sam Holmes

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