Washington (AFP) – Moody’s cut Russia’s credit rating to one step above junk level Friday and warned the country was under review for a further downgrade.Moody’s said that the plunge in oil prices and in the ruble would further erode Russia’s economic growth potential and that it had concerns about the government’s financial strength.The grade was cut by one notch to Baa3 from Baa2. Baa3 is the lowest level for “investment grade” sovereign bonds; another cut would take it into “speculative” or junk bond grade.”The severe — and likely to be sustained — oil price shock, alongside Russian borrowers’ highly …read more
Source: Business Insider
