Russian credit rating cut by Standard & Poor’s
Russia’s sovereign credit rating has been cut to below investment grade with a negative outlook by ratings agency Standard & Poor’s, which says Russia’s economic growth prospects have weakened.
The downgrade, from BBB- to BB+, marks the first time in more than 10 years that Russian sovereign debt has been rated below investment grade.
The rouble fell 5% after the news to 67.63 against the dollar.
