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S&P downgrades Russia's sovereign credit rating to "junk"
Ratings agency S&P cut Russia's sovereign credit rating to below investment grade, or "junk" status, on Monday for the first time in a decade. The rouble fell after the news to 67.98 against the dollar , more than 5 percent lower than the previous close on the Moscow Exchange. S&P said in a statement it had cut the rating from BBB- to BB+, with a negative outlook, and that Russia's economic growth prospects - hit by low oil prices and Western sanctions in the Ukraine crisis - had weakened. External and fiscal "buffers" were likely to deteriorate because of rising external pressure and increased government support ... (full story)