Fitch downgrades Russia sovereign rating to BBB-

Russia believes that the decision made by Fitch Ratings to downgrade Russia's sovereign ratings is politically motivated and economically ungrounded.

Fitch Ratings downgraded Russia's Long-term foreign and local currency Issuer Default Ratings (IDR) to 'BBB-' from 'BBB', the lowest possible investment grade, last night.

Commenting on the decision made by Fitch in a meeting with journalists on Saturday, a Russian government expert called the decision made by Fitch "politically biased, not partner-like, and absolutely economically ungrounded."

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