Economics
Russia’s Credit Rating Cut to Junk by S&P as Tension Rises
- Russian, Ukrainian bonds are worst performers this week
- Russia has been hit with sanctions by the U.S. and its allies
Ukrainian servicemen prepare in Ukraine's Lugansk region on Feb. 24.
Photographer: Anatolii Stepanov/AFP/Getty ImagesThis article is for subscribers only.
Russia’s credit rating was cut to junk by S&P Global Ratings, which joined Fitch Ratings in downgrading Ukraine amid an escalation of conflict in the region.
S&P lowered Russia to BB+, below investment grade, from BBB- late Friday and warned of further cuts, citing the “strong” international sanctions slapped on the country following its invasion of Ukraine. S&P also lowered Ukraine to B- from B.