Russia's Rosbank announced recently that Fitch Ratings has downgraded its Long-Term Issuer Default Ratings in all currencies from "BBB+" to "BBB" and its short-term foreign currency Issuer Default Rating from F2 to F3.

The move came after Fitch took similar action on Russia's Country Ceiling, lowering it to "BBB" from "BBB+" and is an automatic result of the agency's methodology.

Thirteen Russian banks which had been rated above the country's ceiling were also downgraded, although Rosbank remains at the top with a long-term rating of "BBB."

The Russian economy has been hit by the sanctions imposed by the U.S. and more recently by the EU in response to Moscow's annexation of Crimea and support for rebels in Ukraine.