On Monday Standard & Poor’s downgraded Russia to BB+, one notch below investment grade. The country retains an investment-grade rating from Moody’s and Fitch but at the lowest level and with a “negative outlook” — so they may also follow S&P’s lead in the coming months or weeks.
While S&P’s downgrade was not unexpected, the markets reacted right away. The Russian market had closed by the time of S&P’s announcement but the American and global depositary receipts of Russian stocks fell immediately in London and New York. Gazprom and Rosneft lost 8 per cent and Sberbank shed 13 per cent.
Is losing its investment grade a big deal for Russia? Why did it happen? And what will happen next?
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