S&P affirms Russia's rating a notch above junk

Standard & Poor's ratings agency affirmed Russia's sovereign rating on Friday at a notch above junk status, warning that a downgrade may follow if more sanctions are imposed on Moscow for its role in the Ukrainian conflict.

The agency affirmed the country's long- and short-term foreign currency sovereign ratings at BBB-/A-3 after cutting them in April, according to Reuters.

S&P also warned another cut might come if Russia's monetary police or exchange-rate flexibility weakens.

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