NEW YORK, March 8 — Ratings agency Fitch yesterday downgraded Belarus’ sovereign rating to ‘CCC’ from ‘B’, pushing it deeper into junk territory, citing the impact from sanctions over the country’s role in the Russian invasion of Ukraine.

Belarus, a key Russian ally, has been hit with international sanctions as the country facilitated the Russian invasion of Ukraine from within its border.

The agency warned ‍that sanctions and potential new restrictions against Belarus, along with its economic ties to Russia, point to significant uncertainty regarding the country’s ability and willingness to service its debt.

‍”Sanctions introduced against Belarus since start of conflict build upon those put in place after post-election political crisis in 2020​”, Fitch said.

The move follows a similar downgrade by S&P which also lowered Belarus’ rating to CCC from ‘B’ last week. — Reuters