Fitch Ratings has affirmed Moscow’s long-term foreign and local currency issuer default ratings (IDRs) at “BBB” with negative outlook, the agency said Saturday, July 26, according to RIA Novosti.

The global rating agency also affirmed the short-term foreign currency IDR at “F3.” The country ceiling has been lowered to 'BBB' from 'BBB+'.

Fitch links the negative outlook to recently introduced Western sanctions against Russian companies. Fitch marks that Russia continues to enjoy broad social and political stability.

A reduction in tensions with the international community, resulting in a decreased risk of sanctions being imposed, may stabilize the outlook in the future, the agency said.