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S&P downgrades ratings of Russia's biggest cities to junk

January 29, 2015, 19:54 UTC+3
The agency has also downgraded ratings of Russia's nanotechnology corporation Rusnano and VEB bank
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© EPA/FRANK RUMPENHORST

LONDON, January 29. /TASS/. The international rating agency Standard&Poor's (S&P) has downgraded ratings of Moscow  and St.Petersburg (Russia's second largest city) from "BBB-" to "BB+", with negative outlook.

The rating of Russia's nanotechnology corporation Rusnano has been downgraded from "BB" to "BB-" with stable outlook.

S&P also downgraded Russia's VEB bank rating from "BBB-" to "BB+".

The agency on Monday downgraded Russia's sovereign rating to “BB+” due to the ruble’s high volatility and the weakening economy.

 

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