H/t reader squodgy:
“If a an IMF/Fed puppet ratings agency classes one as junk….it must be good news.”
– S&P downgrades Russia’s sovereign credit rating to below investment grade (CNBC, Jan 26, 2015):
Standard & Poor’s on Monday downgraded Russia’s sovereign credit rating to below investment grade, as the country’s economy continues to weaken.
S&P slashed Russia’s sovereign credit rating to BB+ from BBB- and said the outlook is negative, reflecting its view that Russia’s monetary policy flexibility could diminish further.
This is the first time in more than 10 years that Russian sovereign debt has been rated below investment grade, in what some call “junk” territory.