Russia has been downgraded to junk status for the first time in a decade due to the collapsing oil price, the tumbling value of the ruble and sanctions imposed because of its intervention in Ukraine. Ratings agency Standard & Poor's said the downgrade was caused by the country's reduced flexibility to cut interest rates and a weakening of the financial system.
Russia's War Against Ukraine
The Guardian: Russia downgraded to junk status for first time in decade
A Russia's Communist Party supporter takes part in rally against ruble fall in exchange in front of the headquarters of the government in central Moscow on Dec. 22, 2014.
