LONDON – Russia’s invasion of Ukraine could cause a spate of credit rating downgrades S&P Global said on Friday, warning the global economy, and Europe especially, now faced a starkly different picture than expected this year.
“As the situation continues to evolve, we will issue further reports that consider the credit implications and potentially take rating actions on a case-by-case basis,” S&P said in a report.
The precise impact of the sanctions on Russia and its banks was currently difficult to estimate it added, as more measures might still be taken.
“The fallout on Russia’s export receipts, budget revenues, and the broader economy could be meaningful,” S&P said.
(Reporting by Marc Jones; Editing by Kirsten Donovan)