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S&P Downgrades Russia Credit Rating to 'Junk' Status

Russia's credit rating was downgraded Monday, falling below investment grade for the first time in a decade to what the financial world calls “junk status.” The influential Standard & Poor's financial services firm cut Moscow's sovereign credit rating a notch, from BBB minus to BB plus, and said it has a negative outlook on the Russian economy. S&P said Russia's financial problems are likely to worsen. Russia is predicting its economy will shrink this year...

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