S&P Global Ratings suspends commercial operations in Russia

S&P Global Ratings said it has suspended commercial operations in Russia amid the war in Ukraine.

In a statement, the global rating agency said on Wednesday that it will maintain analytical coverage for existing ratings from outside Russia.

"We have in place a comprehensive business continuity plan to ensure our ongoing ability to deliver our data and opinions to market participants while maintaining our adherence to our legal and regulatory obligations," it said.

S&P on Tuesday lowered Russia's credit rating for the second time in a week.

Russia's long-term foreign and local currency sovereign credit ratings were both lowered to CCC-, from BB+ and BBB- respectively.