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Russia’s Credit Outlook Cut as U.S., EU Widen Sanction Lists

Russia’s credit rating outlook was cut to negative by Fitch Ratings, citing the potential impact on a slowing economy of widening U.S. and European Union sanctions imposed as it absorbs Ukraine’s Crimea region.

Fitch followed a similar move by Standard & Poor’s yesterday. Both companies affirmed the former Soviet republic at BBB, the second-lowest investment grade, on par with Brazil. Yields on 10-year sovereign ruble bonds rose to 9.66 percent, within 13 basis points of the five-year high on March 14, while The ruble continued declines.