Russia’s credit rating was cut to “junk” by Standard & Poor’s on Monday night, underscoring the dramatic economic deterioration in the world’s largest energy exporter.
The downgrade is the latest blow to the Kremlin, already buffeted by a collapse in oil prices, wild gyrations in the value of the rouble and western sanctions that have all but shut Russian companies out of global capital markets.
It comes as a sharp increase in fighting has ripped apart a fragile ceasefire in eastern Ukraine, triggering threats of fresh sanctions against Russia from the west.
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