Fitch Rating Downgrades Russian Currency to 'C'

International rating agency Fitch Ratings said it has downgraded Russia's long-term foreign-currency issuer default rating to 'C' from 'B'.

"Fitch Ratings has downgraded Russia's Long-Term Foreign-Currency Issuer Default Rating (IDR) to 'C' from 'B'," according to the statement.

Russia started a special military operation in Ukraine on February 24 in response to calls from the Donetsk and Luhansk people's republics for protection against intensifying attacks by Ukrainian troops.

The Russian Defense Ministry said the special operation is targeting Ukrainian military infrastructure only and the civilian population is not in danger. Moscow has repeatedly said it has no plans to occupy Ukraine. Western nations have imposed numerous sanctions on Russia.