(MENAFN- Qatar News Agency) Moscow April 25 - Credit rating agency Standard and Poor's cut Friday Russia's sovereign rating to BBB- the lowest investment level.
The agency said that Russia's growth outlook deteriorated as the US and Europe look set to apply more sanctions on Russia over the Ukrainian crisis. The agency said in a statement today that the tense geopolitical situation between Russia and Ukraine could see further outflow of foreign capital from the Russian economy something that would undermine the country's growth.
It is the first time since late 2008 that Standard and Poor's downgraded Russia's downgraded Russia's rating. S&P cut Russia's rating to BBB- from BBB after lowering its outlook to negative in March according to a statement today. S&P last downgraded Russia in December 2008.
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