S&P Cuts Russia To Junk, Ruble Plunges To 6-Week Lows – Full Text

With the Ruble having plunged 3 handles today alone, it appears perhaps more than a few could see this coming…

RUSSIAN FEDERATION RATINGS CUT TO JUNK BY S&P
RUSSIAN FEDERATION CUT TO BB+ FROM BBB- BY S&P; OUTLOOK NEG

Putting it below investment grade for the first time in a decade. Of course, this happens just 6 days after the news first leaked that S&P would pay a $1.5 billion settlement to the US DoJ over downgrading America: one wonders just what else was in the small print?

The downgrade comes on a day when The Russia Agriculcural Bank failed to sell 10Y bonds into the market. Russian stocks (ADRs) and the Ruble continue to slide on this news.

Here are a few countries that are now rated higher than Russia…

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