S&P Downgrades Russia's Credit Rating To Junk

(RTTNews) - Standard & Poor's Ratings Services on Monday downgraded Russia's sovereign credit rating to below investment grade for the first time in more than a decade.

S&P cut Russia's sovereign credit rating to "BB+" from "BBB-". The rating outlook is negative.

Last month, S&P placed Russia on negative watch, citing the rapid deterioration of its monetary flexibility and the impact of the weakening economy on the country's financial system.

Earlier this month, Fitch Ratings downgraded Russia to its lowest investment grade, followed by Moody's Investors Service.

The Russian economy has been severely impacted by falling crude oil prices as well as sanctions imposed by the United States and its allies over President Vladimir Putin's actions in Ukraine.