Russia downgraded as Ukraine crisis heats upMads Koefoed
Russia’s shrinking economy has partly led to S&P cutting
Russian sovereign debt to the lowest investment rating, just above junk
The move comes as the crisis in Ukraine intensifies.
S&P last downgraded Russia in 2008 now it ranks the country as BBB, similar to another BRIC nation; Brazil.
The Ukraine crisis has added to overall concerns about the economy, falling growth and rising capital outflow: about $50 billion so far this year.