By Josh Beckerman
Fitch Ratings has downgraded 10 Russian companies including Rostelecom and Yandex NV to “CC,” as a March 5 presidential decree and escalating sanctions “could impose insurmountable barriers” on timely debt payments to certain international creditors.
The decree “could force a redenomination of foreign-currency debt into local currency for international creditors, which we would likely view as a distressed debt exchange or event of default,” Fitch…
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