Standard & Poor's Bombards Russia With Downgrades | News | The Moscow Times:
"After cutting Russia's credit rating to near-junk status last week, Standard & Poor's has turned its downgrade gun on the country's blue chips, major cities and regions, lowering ratings and slapping negative outlooks on companies including Gazprom, Rosneft and VTB bank.
Besides raising the cost of borrowing and damaging the Russian economy, S&P's offensive may end up undermining the position of Western ratings agencies in Russia, feeding a conviction among some that the system is rigged against Russia and energizing plans for a Russian credit rating agency.
Citing skyrocketing capital outflows, the hazards created by the crisis in Ukraine and Western sanctions and an oncoming recession, S&P on Friday cut Russia's foreign currency sovereign debt rating from BBB to BBB-, one notch above junk status. Applying a negative outlook, the agency hinted at further downgrades to come.
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