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Russia's long-term rating has been cut by S&P

Russia's long-term debt rating has been cut by rating agency Standard & Poors as the first such cut in 9 years and the first for G8 nations from the beginning of the global financial crisis. This downgrade of one level to BBB is motivated by Russia's capital outflows and rapid depletion of foreign currency reserves. Capital outflows has reached $190 billion since August BNP Paribas. One quarter of foreign currency reserves ($143 billion) has gone during the same period.

According S&P Russia's outlook remains negative. World Bank predicts Russia's economy will grow 3% next year, significantly less than 7%-8% we have seen annually over the last decade. Official Russia's government so far estimates 6.7% growth next year, but financial newspaper Vedomosti says that could be revised down to 3.5% in the near future.