S&P downgrades the credit ratings of Gazprom, Rosneft, and Russian Railways.

 The international rating agency S&P downgraded the credit ratings of more than 50 of Russia’s largest companies in the field of fuel and energy, construction, and communications in local and foreign currency. Thus, the ratings of some of the largest companies in Russia were downgraded to “C” and “CCC-“, with a negative outlook. The changes affected companies such as Gazprom, Rosneft, Russian Railways, MTS, Alrosa, and X5 Group. In addition, S&P downgraded Russia’s long-term sovereign credit rating in foreign currency from BB + to CCC- in early March. The long-term national currency rating also declined from BBB- to CCC-.