Russia’s credit rating has been cut to junk – or below investment grade – by US ratings agency Standard and Poor’s for the first time in a decade.

S&P gave Russia a rating of BB+, which puts it at the same level as Indonesia and Bulgaria.

This makes it harder for Russia to borrow money from investors.

“Russia’s monetary-policy flexibility has become more limited and its economic growth prospects have weakened,” S&P said in a statement.  Read more