08/21/1998 15:22:59 Moody's cuts Russia's country ceiling ratings
NEW YORK, Aug 21 (Reuters) - Moody's Investors Service cut
Russia's country ceiling for foreign currency debt to B3 from B2
and Russia's country ceiling for foreign currency bank deposits
to Caa3 from Caa1, the U.S. rating agency said on Friday.
At the same time, Moody's cut Russia's local currency debt
country ceiling to Ca from Caa1.
The rating agency said the outlook on all the ratings is
As a result of the downgrade of Russia's foreign currency
country ceiling, Moody's also cut ratings on Russian Federation
Eurobonds to B3 from B2.
Foreign currency bonds issued by the Ministry of Finance of
the Russian Federation, which are popularly known as "MinFins"
or "Taiga" bonds, have been downgraded to Caa1 from B2, Moody's
Moody's also cut the Russian Federation's
rouble-denominated debt instruments to Ca from Caa1.