S&P cuts Russia's credit rating to BBB minus as capital outflows rise

Russia's credit rating was cut by the Standard & Poor's Ratings Services to BBB-minus from BBB, bringing it one notch above junk. S&P cited large capital outflows in the first quarter as the reason and noted that because of the "tense geopolitical situation between Russia and Ukraine," the outflows of domestic and foreign capital could continue and further undermine the Russian economy.

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