S&P Global to withdraw all outstanding ratings on Russian entities

[BENGALURU] S&P Global Ratings, a unit of financial information provider S&P Global Inc, said on Monday it will withdraw ratings for all Russian entities before April 15.

The decision comes weeks after parent company S&P Global said it was suspending commercial operations in Russia, joining a global exodus of companies out of the country due to tightening economic sanctions over Moscow's invasion of Ukraine.

The credit rating agency is doubling down on its corporate boycott of Russia after the European Union announced a ban on providing credit ratings to legal persons, entities or bodies established in Russia, S&P Global Ratings said.

Western sanctions have frozen much of Russia's central bank's US$640 billion in assets, barred several banks from global payments system Swift and sent the rouble into free fall.

Credit rating agencies Moody's and Fitch also suspended commercial operations in Russia earlier this month. REUTERS