S&P has reduced Russia's rating by a notch to BBB-

S&P has reduced Russia's rating by a notch to BBB-, or one grade above junk level, and kept the country's outlook at negative as the tensions with Ukraine continue to ratchet up. Russia began military exercises on its border with Ukraine yesterday in response to the latter killing five pro-Moscow rebels during attempts to reassert control over the eastern part of the country. The developments have helped send world shares lower.