S&P downgrades Russia's sovereign credit rating to below investment grade
MOSCOW, Jan 26 (Reuters) - Ratings agency S&P said on Monday it had cut Russia's sovereign credit rating to BB+ or below investment grade.
S&P warned in late December that it could deprive Russia of its investment-grade credit rating as soon as mid-January, following a rapid deterioration of the country's monetary flexibility and a weakening economy.
(Reporting by Lidia Kelly and Thomas Grove, Editing by Timothy Heritage)