On foot of sovereign downgrade of Russian debt back on January 10, Fitch cut ratings for some Russian regions and banks last night.
Here's Interfax link to banks downgrades: http://www.interfax.ru/business/418387 and regional ratings downgrades: http://www.interfax.ru/business/418377.
Note: Moody's also issued a sovereigns bet downgrade for Russia - details here: http://trueeconomics.blogspot.ie/2015/01/1612015-moodys-get-double-moody-on.html
Meanwhile, another downgrade is coming - S&P said yesterday that it will review Russian ratings before the end of January. Interfax report here: http://www.interfax.ru/business/418357
The season of 'Get Russia' continues. With uninterrupted success… oh yes, the dim sum markets will be fun in 2015.
Note: I must say I have not seen such rapid fire downgrading any time in my memory, with exception of Greece and Cyprus where, in both cases, the ratings agencies were literally racing each other and themselves to catch up with the reality.
