Ratings agency S&P cut Russia’s sovereign credit rating to below investment grade, or “junk” status, on Monday for the first time in a decade.

The rouble fell after the news to 67.98 against the dollar , more than 5 percent lower than the previous close on the Moscow Exchange.

S&P said in a statement it had cut the rating from BBB- to BB+, with a negative outlook, and that Russia’s economic growth prospects – hit by low oil prices and Western sanctions in the Ukraine crisis – had weakened.

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