On Monday, January 26, global credit ratings agency Standard & Poor's, or S&P, downgraded Russia's sovereign debt to junk level. S&P lowered its long- and short-term foreign currency sovereign credit ratings on the Russian Federation to non-investment grade BB+ from investment grade BBB-.The outlook for long-term ratings is negative. Russia's rating now stands on par with countries such as Turkey and Indonesia. The news of the downgrade caused a 7.4% slide in the VanEck Vectors Russia ETF (RSX) and a 6.3% decline in the iShares MSCI Emerging Markets Eastern Europe ETF (ESR). The RSX portfolio is invested up to 84% in Russia, while ESR's portfolio is invested up to 61.17% in Russian equity.