Moody's cut its credit rating on Russia to Ca on Sunday and kept a negative outlook, citing central bank capital controls that would restrict cross-border payments including on debt.
The downgrade is "driven by severe concerns around Russia's willingness and ability to pay its debt obligations," the rating agency said, adding that default risks had increased.
"The likely recovery for investors will be in line with the historical average, commensurate with a Ca rating. At the Ca rating level, the recovery expectations are at 35 to 65%," Moody's added.
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