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The agencies are reacting to the Russian invasion of Ukraine, which began on February 24, 2022. S&P has already downgraded Russia to junk status, and Moody's has placed Ukraine's and Russia's ratings under review list. Russia's rating is also affected by sanctions that have been imposed on the country by the European Union, the United Kingdom, and the United States. On the other hand, Fitch downgraded Ukraine to CCC from B, which places the country's treasury securities seven notches below investment grade and puts their rating on par with bonds of countries such as El Salvador and Ethiopia. On March 6 , Moody's downgraded Russia's credit rating to Ca, the second lowest rung on the rating ladder. This follows concerns about the country's insolvency.