Russia’s invasion of Ukraine triggered a flurry of credit rating moves on Friday, with S&P lowering Russia’s rating to ‘junk’ status, Moody’s putting it on review for a downgrade to junk, and S&P and Fitch swiftly cutting Ukraine on default worries. Both countries’ financial markets have unsurprisingly been thrown into turmoil by this week’s events, which rank as the biggest military attack in Europe since World War Two, bringing stiff Western sanctions on Moscow. S&P lowered Russia’s long-term foreign currency credit rating to ‘BB+’ from ‘BBB-‘, and warned it could lower ratings further, after getting more clarity ... (full story)