Fitch has downgraded Russia's credit rating and painted a horrific picture of a struggling economy rocked by a collapsing rouble, falling oil prices, high inflation and declining international reserves.
The ratings agency cut the country to BBB- from BBB with a negative outlook, meaning further downgrades are possible.
But it was the language Fitch used in its reasoning that was most shocking.
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Russian government bonds are now just one short step from being graded as "junk."
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