Putin’s Russia Trading as Junk Awaits Downgrades to Match
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As rating companies weigh cutting Russia’s investment-grade status as soon as today, traders of credit-default swaps are already treating the nation as junk.
The cost of insuring Russia’s bonds against non-repayment for five years jumped 92 basis points this year to 568, according to data compiled by Bloomberg. That makes the nation’s debt the fifth-riskiest globally, above speculative-grade countries including Lebanon, Egypt and Portugal.