Russia Credit Rating Kept Above Junk by S&P on Reserves

Russia’s investment-grade credit rating was affirmed by Standard & Poor’s yesterday, easing concern that a downgrade to junk may deepen a selloff in the ruble and other assets.

S&P held Russia’s ranking at BBB-, according to a statement, while retaining the country’s negative outlook. The grade puts Russia on par with Brazil and South Africa. S&P last cut the rating in April, downgrading Russia for the first time in five years.