Government finances face pressure from rising rates, slowing growth
A Russian default could have a ripple effect by adding pressure on global debt markets
Shift to crypto could boost financial inclusion, but may weaken monetary policy efficacy
The country has about $40 billion in foreign currency debt
Holders of the bonds, such as funds that invest in emerging market bonds, could take serious losses
Sovereign ratings may come under pressure as demand for dirty energy drops
Covid-19's massive effects on government finances drive the rating cut
Efforts to combat the economic fallout are likely to weaken government finances
Early optimism has been dimmed by an array of downside risks
The rating agency forecast Canada's real GDP growth will be 1.6% next year
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