Economics
Russia Rating Cut by Moody’s on Sluggish Economic Growth
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Russia’s ruble dropped along with sovereign bonds after the country’s credit rating was cut to the second-lowest investment grade by Moody’s Investors Service amid sanctions over Ukraine.
Moody’s downgraded the sovereign one level to Baa2 from Baa1 and kept a negative outlook on the rating on Oct. 17. It is in line with Fitch Ratings Ltd.’s credit grade and one step above Standard & Poor’s, which lowered Russia to BBB- in April. The yield on the nation’s March 2030 Eurobond rose six basis points to 4.88 percent. The ruble weakened 0.7 percent to 41.0500 versus the dollar as of 4:31 p.m. in Moscow.