The international rating agency Moody’s has again downgraded Russia’s rating to “Ca” from “B3,” Moody’s reports.

On March 3, Moody’s already downgraded Russia’s rating by six steps at once, to “B3” from “Baa3,” allowing for the possibility of further downgrades.

“Moody’s today downgraded the issuer’s long-term rating (in national and foreign currency) and the rating of priority unsecured debt (in national and foreign currency) of the Russian government to Ca from B3,” the agency said in a statement on its website.

The outlook for the ratings is negative. The action follows the placement on the list for revision with a possible downgrade from February 25, 2022. The short-term rating remained at Not Prime.