Russia credit risk reaches a six-year high as Ruble declines on oil

Source: Bloomberg
© Scanpix/Reuters
Russian bond insurance cost against default jumped to the highest level in nearly six years amid concerns the nation's credit rating cut to junk is imminent. Thus Russian Ruble declined for a second day, while contracts increased to 126 basis points in three days, along with five-year credit default swaps gaining 63 basis points up to 601. The Ruble weakened 3.3% down to 62.9080 per dollar as Russia's investment level is being put to the test after oil prices halved. Russia is expected to be reduced to a non-investment grade within a three-month period.
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