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Russia's Credit Rating Is Officially Junk

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Russian President Vladimir Putin gestures, during a meeting with cultural figures at Chekhov museum in the Black Sea resort of Yalta, Crimea, Thursday, Aug. 14, 2014. Putin addressed hundreds of lawmakers Thursday in Yalta in Crimea, which was annexed by Russia from Ukraine in March. (AP Photo/Sergei Chirikov, Pool) AP Photo/Sergei Chirikov, Pool

Standard & Poor’s on Monday officially downgraded Russia's credit rating to junk for the first time in 10 years, Bloomberg reported.

S&P cut Russia one step to BB+. It last downgraded Russia in April.

Russian President Vladimir Putin gestures, during a meeting with cultural figures at Chekhov museum in the Black Sea resort of Yalta, Crimea, Thursday, Aug. 14, 2014. Putin addressed hundreds of lawmakers Thursday in Yalta in Crimea, which was annexed by Russia from Ukraine in March. (AP Photo/Sergei Chirikov, Pool) AP Photo/Sergei Chirikov, Pool Russian President Vladimir Putin in the Black Sea resort of Yalta, Crimea, Aug. 14, 2014. International sanctions over Russia's annexation of Crimea are among the forces that pushed the S&P to downgrade Russia's credit to junk Monday. (AP Photo/Sergei Chirikov)

Russia's economy has struggled in recent months as a perfect storm of international sanctions, low oil prices and fleeing capital tank the value of the nation's currency and leave the government struggling to fund itself.

Follow Zach Noble (@thezachnoble) on Twitter

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