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The Wall Street Journal: Russia’s credit rating plunges at unprecedented pace

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S&P Global slashed Russia’s credit rating on Friday for the second time in a week, stating that recent capital controls measures are increasingly likely to cause a default.

The sovereign is now rated CCC-, for both its local-currency and dollar debt. That is two notches above a default level.

A week ago, Russia was rated investment grade. The speed of its descent into the deepest levels of junk status is unprecedented, according to an S&P spokesperson.

The Russian central bank imposed capital-control measures earlier this week, including a ban on coupon payments to foreign bondholders. It instructed depositories and registrars, key components of the financial infrastructure between issuers and investors, not to make transfers to foreign clients.

An expanded version of this story is available at WSJ.com

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