Moody's cut Russia's rating to Ba1 from Baa3 with a negative outlook. "Russia is expected to experience a deep recession in 2015 and a continued contraction in 2016," Moody's said in a statement Friday. "The risk is rising, although still very low, that the international response to the military conflict in Ukraine triggers a decision by the Russian authorities that directly or indirectly undermines timely payments on external debt service," it said.