World Economy

Moody’s Downgrades Russia

Moody’s Downgrades RussiaMoody’s Downgrades Russia

Moody’s Investors Service has downgraded Russia’s government bond rating to Baa3/Prime 3 (P-3) from Baa2/Prime 2 (P-2), Moody’s said. The rating was also placed on review for further downgrade, Tass reported. Factors included the crash in oil prices and the decline in the Russian ruble, which have shaken Russia’s economy in the last few months.