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Standard and Poor's Downgrades Russian Debt Rating

EMMANUEL DUNAND/AFP/GettyImages(MOSCOW) -- As tension between the United States and Russia over the situation in Ukraine continues to remain unremedied, Standard and Poor's downgraded Russia's sovereign debt rating for the first time since 2008.

According to Bloomberg News, Russia's debt rating was dropped to a BBB-, the same rating given to Brazil and Azerbaijan, signifying a negative outlook. In a statement, Standard & Poor's said that the "tense geopolitical situation between Russia and Ukraine could see additional significant outflows of both foreign and domestic capital from the Russian economy and hence further undermine already weakening growth prospects."

Standard and Poor's also pointed out the staggering drop in the rate of growth of Russia's economy. In 2013, the Russian economy grew by 1.3 percent, the lowest rate in 14 years.

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