REUTERS
Moody’s Investors Service said it will stop issuing local ratings on Russian companies and close a credit grading joint venture with Interfax in the country following legislative changes, Bloomberg reports.
“This decision was taken in light of legislative changes and other potential restrictions applicable to the business of providing” national scale ratings in Russia, Moody’s said in a statement Wednesday, according to Bloomberg.
The ratings company will shut down Moody’s Interfax Rating Agency as a consequence, it said in the statement, citing “requirements regarding structural and operational independence which would limit MIRA’s ability to make use of Moody’s global resources.”
Read alsoMoody's warning highlights pressure on Russia to adapt to lower oilMoody’s said it “remains committed to retaining its strong local presence in Russia” and will continue to provide global scale ratings to customers there and in other countries in the region.
Moody’s decision follows Fitch Ratings, which last month said it will probably stop issuing local ratings on Russian companies under new rules that make it impossible to abide by European Union and U.S. sanctions against Moscow.