INSUBCONTINENT EXCLUSIVE:
Ratings agency Fitch on Tuesday again downgraded Russia's sovereign debt rating farther into junk territory from "B" to "C," saying the
decision reflects the view that a default is "imminent."Like other major ratings agencies, Fitch had already slashed Russia's rating
earlier this month to "junk" status, or the category of countries at risk of not being able to repay their debt."The 'C' rating reflects
Fitch's view that a sovereign default is imminent," the agency said in a statement, adding its new downgrade came because recent
developments had "further undermined Russia's willingness to service government debt."The agency said "the further ratcheting up of
sanctions, and proposals that could limit trade in energy, increase the probability of a policy response by Russia that includes at least
selective non-payment of its sovereign debt obligations."On Tuesday, the United States and Britain announced they were cutting off Russian
Russia were to default on a debt payment, it would be the first time since 1998.
