Moody's downgrades Russia debt to 'junk' level
The fall in oil prices and the ruble will further undermine Russia's economy.
WASHINGTON (AFP) - Moody s cut Russia s debt rating by one notch into junk territory Friday, saying the Ukraine crisis and the fall in oil prices and the ruble will further undermine Russia s economy.
"Russia is expected to experience a deep recession in 2015 and a continued contraction in 2016. The decline in confidence is likely to constrain domestic demand and exacerbate the Russian economy s already chronic underinvestment," Moody s said.
