Russia’s credit rating was cut to below investment grade by Moody’s Investors Service, which joined Standard & Poors in ranking the country’s debt as junk, citing the conflict in Ukraine and plunging oil prices. The rating company downgraded Russia one step to Ba1, the highest non-investment level and in line with countries including Hungary and Portugal. Moody’s has a negative rating outlook on the country, according to a report released Friday. The move follows Standard & Poor’s decision to cut the country to speculative grade in January. “The existing and potential future international sanctions, the erosion of the country’s foreign exchange buffers and persistently lower oil prices plus high and rising inflation will take a negative toll on […]