Market Overview

S&P Cuts Russia To Junk Status, Ruble And Shares Fall


Russia’s credit rating was cut by S&P Monday from BBB- to BB+, the first tier of the non-investment grade, ‘junk’ ratings. It was the first time in more than 10 years the country was rated below investment-grade.

S&P also maintained a negative outlook, which could indicate the potential for further rating downgrades.

For investors with a mandate to only invest in investment-grade securities, the downgrade could force more capital to flow out of Russia.

The ruble continued to fall versus the U.S. dollar on Monday and recently traded at the 68.6625 level.

Russian ADRs also fell, Gazprom OAO (ADR) (OTC: OGZPY) was down 9.12 percent to $4.39 while LUKOIL (ADR) (OTC: LUKOY) declined 5.88 percent to $42.13.

Market Vector Russia ETF Trust (NYSE: RSX) fell amid the downgrade and recently traded at $14.74, down 7.53 percent.

Posted-In: S&P Standard & Poor'sNews


Related Articles (OGZPY + LUKOY)

View Comments and Join the Discussion!
Fastest Market News Application
You'll Hear It First On Pro
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Trading Daily
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Daily Analyst Rating
A summary of each day’s top rating changes from sell-side analysts on the street.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at

Microsoft Earnings: Tigress Financial Partners CIO Will Look For Updates In Windows 10, Cloud Initiatives

Hummer Winblad's Top 3 Tech Stock Picks: Google, LinkedIn And Salesforce