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S&P axes Renaissance Financial
S&P said it downgraded Renaissance Financial Holdings Ltd.’s issuer credit rating to CCC- from B and placed it on CreditWatch with negative implications.
The agency cited the company’s exposure to Russia. S&P cut Russia’s foreign-currency rating to CCC- from BB+ and its domestic-currency rating to CCC- from BBB-.
S&P said it sees a “substantial risk” of default.
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