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Russia's credit ratings downgraded to "junk" level by Standard & Poor's agency amid crisis

Russian President Vladimir Putin speaks during a cabinet meeting at the Novo-Ogaryovo residence outside Moscow, Russia, Monday, Jan. 26, 2015. The meeting focused on the government’s anti-crisis plan. (AP Photo/RIA-Novosti, Alexei Nikolsky, Presidential Press Service)

Russian President Vladimir Putin speaks during a cabinet meeting at the Novo-Ogaryovo residence outside Moscow, Russia, Monday, Jan. 26, 2015. The meeting focused on the government’s anti-crisis plan. (AP Photo/RIA-Novosti, Alexei Nikolsky, Presidential Press Service)  (The Associated Press)

Standard & Poor's rating agency has downgraded Russia's credit grade by one notch to junk status, citing a weakened economic outlook.

The agency dropped the rating to BB+ from BBB- as it sees the country's financial buffers at risk amid a slide in the country's currency and weakening revenue from oil exports.

Russia's economy has been hit hard by the double impact of weaker prices for its energy exports as well as Western sanctions.