S&P cuts Russia's ratings to 'CC' on debt default risk

Global rating agency S&P cut Russia rating to ‘CC’ from CCC- while citing difficulties meeting debt payments due on its dollar-denominated 2023 and 2043 Eurobonds on Thursday, per Reuters.

''Russia's payment difficulties stem from international sanctions that reduced its available foreign exchange reserves and restricted its access to the global financial system, markets and infrastructure,'' adds S&P per the news.