Fitch Cuts Rating on Russia to 'BBB Minus'

Fitch Ratings cut its rating on Russia to 'BBB minus' from 'BBB', citing significant deterioration in the country's economic outlook due to the slump in oil prices and falling value of the rouble.

Fitch said the issue ratings on Russia's senior unsecured foreign and local currency bonds have also been downgraded to 'BBB minus' from 'BBB'.

Oil prices have fallen since mid-2014 and global oil markets resumed their slide on Friday, with Brent and US crude hitting April 2009 lows and ending down for a seventh straight week.

The outlooks on the long-term issuer default ratings are negative, Fitch said in a statement.

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