` Standard and Poor’s Downgrades Russia’s Sovereign Credit Rating to BBB with Negative Outlook ‘

#AceFinanceNews – LONDON – April 25 – International rating agency S&P has downgraded Russia’s sovereign rating from BBB to BBB- with ‘negative’ outlook.

S&P has explained downgrading of Russia’s sovereign credit rating from BBB to BBB – with capital flight from the country in the first quarter of 2014 and reduced capabilities to attract funding on foreign financial markets due to current Ukrainian political crisis, the agency stated.

“We believe that the complex geopolitical situation between Russia and Ukraine may lead to additional substantial outflow of both foreign and local capital of the Russian economy, undermining the already weak growth prospects,” S&P said.

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