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

January 26, 2015

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…

…click on the above link to read the rest of the article…

 

Russian Default Risk Surges To New 6-Year Highs As Ruble Rubble Returns

January 6, 2015

Russian Default Risk Surges To New 6-Year Highs As Ruble Rubble Returns

Just when you thought it was all over… Having bounced post-CBR intervention and somewhat stabilized, the re-collapse in crude oil prices and continued weakness in Russian macro data provided just the impetus for a re-plunge in the Ruble (back above 63.5/USD) and surge in Russian bond yields (back to 14%). While Russian stocks are also retesting towards recent lows, it is Russian CDS that is the most telling as it closed to day at 595bps – the widest since March 2009. While these violent gyrations are new for recent history, they are not a new phenomenon, but are quite characteristic of the country’s financial history.

The Ruble and stocks are not quite back to recent lows…

But Russian credit risk has hit new highs…

However, as RT explains, this is nothing new for Russia…

The dramatic fall of the Russian ruble made headlines in December. The violent gyrations in the ruble are not a new phenomenon, but are quite characteristic of the country’s financial history.

…click on the above link to read the rest of the article…

 

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