Moody’s to withdraw credit ratings on Russian entities

– Moody’s Investors Service (MIS) said on Thursday it intends to withdraw its credit ratings on Russian entities, following similar moves by Fitch and S&P Global Ratings.

The rating agency’s parent firm, Moody’s Corp, suspended commercial operations in Russia earlier this month over Moscow’s invasion of Ukraine.

The European Union (EU) on March 15 banned top credit rating firms from rating Russia and the country’s companies as part of its latest sanctions package, to ramp up economic pressure on the country.

(Reporting by Manojna Maddipatla in Bengaluru; Editing by Devika Syamnath)