Fitch downgrades Russia's credit rating

Fitch Ratings has downgraded Russia's credit rating, citing a "severe shock" to fundamental conditions due to its invasion of Ukraine.

Fitch said the war has raised risks to financial stability and could undermine Russia's ability to service its government debt. It said that, in turn, will weaken the country's finances and slow its economy, further raising geopolitical risks and uncertainty.

Among other factors, the ratings agency noted sanctions imposed by Western countries that are limiting access to foreign currency needed to repay debt and purchase imports and increased uncertainty over Russia's willingness to pay such debts.