SAN FRANCISCO (MarketWatch) -- Moody's Investors Service on Friday
lowered Russia's sovereign rating by one notch to Baa2 and maintained a
negative outlook. "The first driver for the downgrade of the Russian
government's debt ratings to Baa2 relates to the longer term damage the
already weak Russian economy is likely to incur as a result of the
ongoing crisis in Ukraine and, relatedly, the additional sanctions
imposed against Russia," said the rating agency in a statement. It also
cited the deterioration in Russia's foreign-exchange position due to
capital flight and low oil prices.
