Russia credit grade cut to junk

Russia's credit rating has been downgraded to "junk" by Standard & Poor's.

The ratings agency's decision marks the first time that the country has been downgraded to the bottom status in 10 years. It was caused in part by falling oil prices, but also the plunging value of the rouble, which has struggle in recent months amid the Ukraine crisis, oil values and economic sanctions imposed by the US.

Standard & Poor's said that Russia "faces increasingly difficult monetary policy decisions while also trying to support sustainable GDP growth".

Source: The Guardian