MOSCOW: ‘ Christmas Eve 2014 & Russia’s Central Bank Commences Bail-Out ‘

#AceFinanceNews – MOSCOW:Dec.26 – Russia’s central bank offered on Wednesday to help top exporters refinance foreign debts next year, expected to be one of the toughest of President Vladimir Putin’s 15-year rule for the economy due to Western sanctions and a plunge in oil prices.

The bank said it would lend dollars and euros to major companies that were willing to put up their foreign borrowings as collateral.

The move means the state will in effect take on credit risk for the companies, whose foreign debt obligations have shot up in ruble terms because of the currency’s sharp slide this year.

Even before the move, Standard and Poors put Russia’s sovereign credit outlook on “credit-watch negative,” meaning it could be downgraded to junk as soon as January due to a “rapid deterioration of Russia’s monetary flexibility.”