Russian credit rating cut by Standard & Poor’s

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.

Oil and Gas Press

#FOLLOW US ON INSTAGRAM