Moscow (AFP) – Standard and Poor’s stripped Russia of its investment-grade rating on Monday, cutting it to “junk” status with a warning of weak growth and banks.”The downgrade reflects our view that Russia’s monetary policy flexibility has become more limited and its economic growth prospects have weakened,” the ratings agency said in a statement announcing the one-notch cut to a ‘BB+’ rating.The plunge in oil prices and Western sanctions over Moscow’s role in the Ukraine crisis have pummelled the Russian economy in recent months, with the ruble collapsing in value.Standard and Poor’s is the first major international ratings agency to …read more
Source: Business Insider