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Russian Investment Grade Seen at Risk by S&P on Fund Raid

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Russia has limited room for tapping one of its sovereign wealth funds before jeopardizing its investment-grade debt rating, according to Standard & Poor’s.

“If money is spent to support the economy, to support specific companies -- that would lead to a decline of those fiscal buffers beyond what we currently expect,” S&P analyst Christian Esters said in an interview in Moscow yesterday. The rainy-day funds “are strong mitigating factors for the stresses Russia has been experiencing.”