Moody's downgrades Russian credit rating

Baku.21 February. REPORT.AZ/ Moody's Investors Service downgraded Russia's sovereign rating to Ba1 from Baa3, citing the impact from the Ukraine crisis, a fall in oil prices and the rouble exchange rate, Report informs citing foreign media. 

The ratings agency maintained its negative outlook to the country's sovereign rating, saying it reflected the potential for more shocks related to the military conflict and a renewed decline in oil prices.

"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 on Friday.