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Ruble Stable, but S&P Downgrade Warning Weighs

By Clip Syndicate
Russia's ruble stabilized on Wednesday, as exporters selling foreign currency countered the effect of a ratings agency saying it could downgrade Russia's sovereign debt to 'junk' status as soon as next month. The ruble has swung back and forth wildly in recent weeks, with intraday moves of more than 10 percent at times, the widest fluctuations since the 1998 financial crisis. Late on Tuesday, Standard and Poor's revised Russia's credit ratings from negative, warning a deterioration in the country's monetary flexibility could lead the agency to put its sovereign rating in 'speculative' territory as soon as mid-January.

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