Moody's Downgrades Russia's Sovereign Debt Rating, Outlook Remains Negative

Capital flight, plummeting oil prices and dimming economic prospects caused one of the world's biggest credit ratings agencies Friday to downgrade Russia's sovereign debt by two notches. Moody's chopped the nation's credit ratings to Baa2, which is two notches above "junk" status. The agency cited two factors in its decision, the first of which is economic. "Russia's increasingly subdued medium-term growth prospects, exacerbated by the prolongation of the Ukraine crisis, including through the im...