Moody’s downgrades Russia’s credit rating to “speculative”

Moody’s downgrades Russia: The international credit rating agency Moody’s  has downgraded Russia from Baa3 (investment)  to  Ba1 (speculative) and is predicting a deep recession and inflation above 22% this year. It is also forecasting a significant deterioration in Russia’s financial situation as a result of budgetary pressures and a  continuing decline in foreign exchange reserves against the background of the outflow of capital and limited access to international capital markets and believes that the conflict in Ukraine could compel the Russian government to “take decisions that directly or indirectly prevent timely payment of external debt servicing.”

Source: Gazeta