Washington (AFP) – Moody’s cut Russia’s debt rating by one notch into ‘junk’ territory Friday, saying the Ukraine crisis and the fall in oil prices and the ruble will further undermine Russia’s economy.Just over one month since its last downgrade of Moscow’s credit rating, Moody’s said Russia “is expected to experience a deep recession in 2015 and a continued contraction in 2016.”The decline in confidence is likely to constrain domestic demand and exacerbate the Russian economy’s already chronic underinvestment,” it warned.Moody’s cut the rating on the country’s bonds by one step to Ba1, “speculative” or junk grade. Previously it was …read more
Source: Business Insider
