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S&P cuts Russia outlook to negative from stable

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S&P cuts Russia outlook to negative from stable

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In the wake of the latest sanctions announcement, Standard & Poor’s has downgraded the outlook for Russia’s sovereign debt from “stable” to “negative”.

It said that was because of rising geopolitical and economic risks and because it expects the US and the European Union to introduce more sanctions against Russia in the future.

The lower outlook reflects what S&P called “material and unanticipated economic and financial consequences” from such sanctions.

For the moment, the agency has kept Moscow’s overall rating at BBB even as it predicted Russia’s economic growth will slow this year.