Sunday, January 11, 2015

Russia continues to reel as credit rating is slashed

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.

Read the rest here.

Russian government bonds are now just one short step from being graded as "junk."

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