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 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.
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