From Reuters:

Russia needs to adapt its budget to lower oil prices, Finance Minister Anton Siluanov said on Saturday after credit rating agency Moody’s Investors Service warned Moscow it might downgrade the country’s sovereign debt rating further into junk territory.

The agency said on Friday that it placed Russia’s Ba1 debt rating on review for downgrade, pending a two-month review of the government’s policies.

Of the three major rating agencies, Moody’s, Standard and Poor’s and Fitch, only the latter keeps Russia’s debt rating in an investment grade, although only a notch above junk.

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