S&P downgrades Russia credit rating to "junk" status
It sees Russian economy contracting 2.6% in 2015 on oil price's fall and sanctions
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Moscow
STANDARD And Poor's stripped Russia of its investment-grade rating on Monday, cutting it to "junk" status with a warning of weak growth and banks.
"The downgrade reflects our view that Russia's monetary policy flexibility has become more limited and its economic growth prospects have weakened," the ratings agency said in a statement announcing the one-notch cut to a "BB+" rating.
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