Russia's credit cut to 'junk' a blow to aspiring world power, but immediate fallout is limited

January 27, 2015 2:45 PM

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MOSCOW – Russia has seen its credit grade cut to "junk" status for the first time in over a decade, a big blow for a country that wants to be a world economic power.

The downgrade by Standard & Poor's reflects the country's growing economic problems, such as the collapse in the value of its oil exports and the impact of Western sanctions. But it is also rare for a country with such low debt levels.

Also read: Economy: Jobless claims drop to lowest since 1973; housing starts jump 11%

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