Standard & Poors Cuts Russia's Rating

[JohnyMac]

With all of the hoopla over "snowmagetten" we did not hear that S&P cut Russia's bond rating on Monday.

Bloomberg reports:

Russia’s foreign-currency credit rating was cut to junk by Standard & Poor’s, putting it below investment grade for the first time in a decade as policy makers struggle to keep economic growth alive amid sanctions and falling oil prices.

S&P, which last downgraded Russia in April, cut the sovereign one step to BB+, according to a statement released on Monday, the same level as countries including Bulgaria and Indonesia. The ratings firm said the outlook is “negative.” Russian stocks declined and bonds fell for a second day following the announcement, which came after the close of equity trading in Moscow...

Tick tock...Tick tock... 

[Nemo]

Its SnowmageDDon.  Learn to spell.   

And with Russia as junk, do not forget Greece, Italy, and Switzerland's status.  I suspect it will take about 2 weeks for things to swim the pond.  If you have any extra cash around, some gold or silver eagles would not be bad purchases now.

Worst case you can melt the silver, cast your own and be ready to keep the werewolves away.

Or call your wife Tonto and be the Lone Ranger.

Nemo