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Rouble exodus hits Russia credit rating

Russia became the first G8 country since the start of the financial crisis to have its credit rating downgraded after Standard and Poor's took fright at the recent exodus from the rouble and sharp drop in oil prices.

S&P said it had lowered Russia's foreign currency credit rating by one notch from BBB+ to BBB because of the “rapid depletion” of the country's foreign exchange reserves and the “difficulty of meeting the country's external financing needs”. It said the outlook for the rating was negative.

Russia's reserves have fallen by $128bn since August to $455bn, as the country battles the capital flight that began following the war with Georgia and escalated as the oil price fell and the global crisis worsened.

S&P said Russia could be forced to spend all $200bn now parked in its two sovereign wealth funds on recapitalising the banking system and covering fiscal deficits in 2009 and 2010.

The agency expects Russia to run a current account deficit next year of 2.6 per cent of gross domestic product due to the oil price fall, putting further pressure on the balance of payments.□

Instructions for life

Take into account that great love and great achievements involve great risk.

When you lose, don't lose the lesson.

Follow the three R's: Respect for self, Respect for others and Responsibility for all your actions.

Remember that not getting what you want is sometimes a wonderful stroke of luck.

Learn the rules so you know how to break them properly.

Don't let a little dispute injure a great relationship.

When you realize you've made a mistake, take immediate steps to correct it.

Spend some time alone every day.

Open arms to changes, but don't let go of your values.

Remember that silence is sometimes the best answer.

Live a good, honorable life. Then when you get older and think back, you will be able to enjoy it a second time.

A loving atmosphere in your home is the foundation for your life.

In disagreements with loved ones, deal only with the current situation. Don't bring up the past.

Share your knowledge. It's a way to achieve immortality.

Be gentle with the earth.

Once a year, go someplace you've never been before.

Remember that the best relationship is one in which your love for each other exceeds your need for each other.

Judge your success by what you had to give up in order to get it.

Approach love and cooking with reckless abandon.□