Russia downgraded to junk status for first time in decade

S&P says downgrade caused by reduced flexibility to cut interest rates and weakening of financial system as oil price dropsRussia has been downgraded to junk status for the first time in a decade due to the collapsing oil price, the tumbling value of the rouble and sanctions imposed because of its intervention in Ukraine.Ratings agency Standard & Poor’s said the downgrade was caused by the country’s reduced flexibility to cut interest rates and a weakening of the financial system. Co