S&P lowers Russia’s foreign currency rating to ‘BB+’

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FILE PHOTO: Russian President Putin attends an awarding ceremony in Moscow

– Rating agency S&P said on Friday it lowered Russia’s long-term foreign currency sovereign credit ratings to ‘BB+/B’ from ‘BBB-/A-3’ and local currency ratings to ‘BBB-/A-3’ from ‘BBB/A-2’.

The sanctions announced on Russia could have significant direct and second-round effects on its economic and foreign trade activity, and financial stability, S&P said.

(Reporting by Bhargav Acharya in Bengaluru; Editing by Sam Holmes)