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. Last Updated: 07/27/2016

Downgrade Threat

MOSCOW -- Just one day after it shrugged off a major government dismissal as "political uncertainty" already factored into its BB- rating for Russia, Standard & Poor's rating agency has warned it may downgrade the country's sovereign rating if there is no improvement in tax collection.

Helena Hessel, who is in charge of Eastern European ratings at Standard & Poor's, said on CNN that the agency would probably revise the rating if Russia failed to carry out the tax reforms needed to boost collection figures.