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S&P cuts Russia's foreign currency sovereign ratings
April 25, 2014 / 6:12 AM / in 4 years

S&P cuts Russia's foreign currency sovereign ratings

MOSCOW, April 25 (Reuters) - Standard & Poor’s ratings agency has cut Russia’s long- and short-term foreign currency sovereign ratings to BBB-/A-3 from BBB/A-2, the agency said on its website.

“The downgrade reflects the risk we perceive of a continuation of the large financial outflows observed in the first quarter of 2014, during which the size of Russia’s financial account deficit was almost twice that of the current account surplus,” the agency said in a press release.

Central bank data released earlier this month showed an estimated $63.7 billion in net capital outflows in the first three months of the year, the same as for the whole of 2013. The World Bank has said this year’s total could reach $150 billion.

Reporting by Oksana Kobzeva and Lidia Kelly, editing by Jason Bush

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