The US rating agency Standard & Poor’s (S&P) has downgraded Russia’s credit rating to junk, which is below investment grade.
Russia’s credit rating has been lowered to such a level for the first time in a decade, the BBC reports.
Having a rating of BB+, Russia is on par with Bulgaria and Indonesia, which makes it difficult for Moscow to borrow money from investors.
S&P explained in a statement that the flexibility of the country’s monetary policy has become increasingly limited and the prospects for economic growth have weakened.
The country’s economy has been in free fall since the middle of last year due …read more
Source: Novinite
