(QHA) -

Standard & Poor's on Tuesday put Russia on CreditWatch Negative.

S&P said it placed its 'BBB-/A-3' long- and short-term foreign-currency sovereign ratings and 'BBB/A-2' local-currency sovereign credit ratings on Russia on CreditWatch with negative implications.

"We are reviewing our assessment of Russia's monetary flexibility and the impact of the weakening economy on its financial system," the agency said in a statement. "As a result, we are placing our long-term sovereign credit ratings on Russia on CreditWatch with negative implications." 

The agency said it expects to resolve the CreditWatch upon the conclusion of its review, which is expected by mid-January.

QHA