Russia’s sovereign rating was cut to BBB- by Standard & Poor’s, the lowest investment grade, as the conflict in Ukraine escalates, hurting the country’s economy. Standard & Poor’s cut Russia’s rating from BBB after lowering its outlook to negative in March. S&P last downgraded Russia in December 2008. “The tense geopolitical situation between Russia and Ukraine could see additional significant outflows of both foreign and domestic capital from the Russian economy and hence further undermine already weakening growth prospects,” S&P said in the statement. Russia was also placed on review for a downgrade by Moody’s ... (full story)