First rating agency withdraws Russia sovereign score after EU ban

LONDON (Reuters) – Germany-based Scope Ratings has become the first EU rating agency to withdraw its Russian sovereign credit score following a move by the bloc this week to ban their provision.

“This decision is in compliance with EU sanctions Scope, which like most agencies slashed its Russia rating after Moscow’s “special military operation” saw it blanketed with Western sanctions, said in a statement.

The move will raise expectations that the ‘big three’ rating firms, S&P Global, Moody’s and Fitch, who also each rate dozens of Russian corporates and banks, will now follow suit before an April 15 EU deadline.

April 15 is the same day that Russia would be formally be declared in default if it doesn’t make two international market bonds payments that were due on Wednesday.

(Reporting by Marc Jones; Editing by Lincoln Feast.)