Russia’s Finance Ministry says rating cuts are geopolitical By Reuters

© Reuters. FILE PHOTO: A sign is displayed outside the Russian 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 (Reuters) – Russia’s Finance Ministry said on Saturday that the sovereign rating downgrade by Standard and Poor’s (NYSE:) and the decision to revise the country’s rating by Moody’s (NYSE:) were linked to geopolitical factors.

Russia’s invasion of Ukraine sparked a flurry of credit rating changes on Friday, with S&P downgrading Russia’s rating to junk status and Moody’s indicting it for a downgrade to junk.

The Finance Ministry said in a statement that Russia remains financially stable and will continue to follow a prudent fiscal and fiscal policy.

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