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S&P downgraded the credit ratings of Russia and Ukraine to BB+ and B- respectively
S&P Global Ratings has downgraded Russia’s long-term foreign currency credit rating from BBB- to BB+, which is below investment grade, according to Bloomberg.
Ukraine’s rating dropped from ‘B’ to ‘B-‘.
According to S&P, Russia’s military operation in Ukraine poses risks to Ukraine’s economic growth, financial stability and public finances, and sanctions imposed against Russia could have serious consequences for the country’s economy, trade and financial stability.
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