Moody’s Downgrades Russia’s Debt to ‘JUNK’ Status Just as BRICS Bank is Ratified

‘Yesterday we reported on the huge news of Russia’s government ratifying the BRICS Development Bank and suggested that the West would seek to respond in some way. That response emerged just hours later.

Moody’s, the same ratings agency that failed to see the 07/08 crisis coming by rating toxic assets as AAA, has put Russia’s debt into the ‘Junk‘ zone. The agency cites an ‘expected’ continuing depression in Russia, suggesting a ‘decline in confidence’ in the country means growth will not be possible.

We would suggest Moody’s pay closer attention to this very website – 21st Century Wire – where we have complied a mass of coverage pointing to the contrary of Moody’s allegations.’

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