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Russia's debt downgraded to junk by Moody's
Source: Agence France-Presse
Russia's debt downgraded to junk by Moody's
AFP in Washington
Saturday 21 February 2015 00.28 GMT
Moody’s has cut Russia’s debt rating by one notch into “junk” territory, saying the Ukraine crisis and the fall in oil prices and plunging rouble would further undermine Russia’s economy.
Just over one month since its last downgrade of Moscow’s credit rating, Moody’s said Russia “is expected to experience a deep recession in 2015 and a continued contraction in 2016.
“The decline in confidence is likely to constrain domestic demand and exacerbate the Russian economy’s already chronic underinvestment.”
Moody’s cut the rating on the country’s bonds by one step to Ba1, a “speculative” or junk grade. Previously it was Baa3.
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AFP in Washington
Saturday 21 February 2015 00.28 GMT
Moody’s has cut Russia’s debt rating by one notch into “junk” territory, saying the Ukraine crisis and the fall in oil prices and plunging rouble would further undermine Russia’s economy.
Just over one month since its last downgrade of Moscow’s credit rating, Moody’s said Russia “is expected to experience a deep recession in 2015 and a continued contraction in 2016.
“The decline in confidence is likely to constrain domestic demand and exacerbate the Russian economy’s already chronic underinvestment.”
Moody’s cut the rating on the country’s bonds by one step to Ba1, a “speculative” or junk grade. Previously it was Baa3.
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Read more: http://www.theguardian.com/world/2015/feb/21/russias-debt-downgraded-junk-moodys
