Moody’s has cut its rating on Russia to “junk,” and says Russia’s economy is headed for a “deep” recession in 2015. In a release late Friday, the ratings agency downgraded Russia’s sovereign debt rating to Ba1/Not Prime (NP) from Baa3/Prime-3 (P-3). The rating outlook is negative. For Moody’s, any bond rated Ba1 or lower is below investment grade, and considered a “junk” bond. Friday’s action from Moody’s follows a move from S&P to cut Russia’s rating to “junk” late last month. In cutting its rating on Russia, Moody’s cited the ongoing conflict in Ukraine, as well as the …read more
Source: Business Insider