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Russia's credit rating outlook was cut to negative from stable by Fitch Ratings, citing the potential impact on a slowing economy of Western sanctions imposed after its annexation of Ukraine's Crimea region.
Fitch's move followed a decision by Standard &Poor 's to change its outlook on Russia to negative. Both companies affirmed the former Soviet state's ranking at BBB, the second-lowest investment grade.
"Since U.S. and EU banks and investors may well be reluctant to lend to Russia under the current circumstances, the economy may slow further and the private sector may require official support," Fitch said in a statement accompanying the decision. "Growth slowed to 1.3 percent in 2013 and investment is contracting."
