S&P cuts Russia, sanctions could spell further downgrade

Reuters) – Credit agency Standard & Poor’s cut Russia’s foreign currency ratings on Friday, saying further downgrades were possible if the West imposed tighter sanctions against Moscow in response to the crisis in Ukraine.

A pension payment in Russian roubles is seen at a post office in the Crimean city of Simferopol

Moscow said politics had played a role in the downgrade, the first by a major agency since Russia seized Crimea from Ukraine in March and leaving the S&P rating just one notch above junk status.

Foreign investors have been pulling money out of Russia since the country’s economy hit the rails last year, a process that has intensified along with western concerns about Ukraine.  Read more

Categories: The Muslim Times

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