Russia Rating Cut by Moody’s on Sluggish Economic Growth

Russia’s credit rating was cut to the second-lowest investment grade by Moody’s Investors Service, which cited sluggish growth prospects worsened by the crisis in Ukraine and international sanctions.

Moody’s downgraded the government one level to Baa2 from Baa1 and kept a negative outlook on the country’s rating. It is in line with Fitch Ratings Ltd.’s credit grade and one notch above Standard & Poor’s, which lowered Russia to BBB- in April.