Moody's and its ratings agency peers Fitch and S%P Global had scored Russia at investment-grade levels of Baa3/BBB as recently as March 1. All three have since cut their scores several notches, putting the sovereign deep into "junk" territory. S&P rates Russia at "CCC-minus" while Fitch has it on B, with a negative outlook, meaning a further downgrade is likely. Moody's only ratings rung lower than Ca is C, which equates to Selective or Restricted Default under the Fitch and S&P Global classifications.