S&P says downgrade caused by reduced flexibility to cut interest rates and weakening of financial system as oil price drops
Russia’s credit rating has been downgraded to junk status for the first time in a decade due to the collapsing oil price, the tumbling value of the rouble and sanctions imposed because of its intervention in Ukraine.
Ratings agency Standard & Poor’s said the downgrade was caused by the country’s reduced flexibility to cut interest rates and a weakening of the financial system.