Moody’s Investors Service, the international ratings agency, says that it expects Russia’s gross domestic product (GDP) to fall 5.5 percent in 2015, the ratings agency said in a statement on Thursday.

The statement by Moody’s was featured in the agency’s downgrade of Armenia’s credit rating, whose government bond rating was cut to Ba3 from Ba2 in addition to the nation’s outlook being cut to negative from stable.

“Moody’s expects that Russia’s GDP will contract by 5.5% in 2015, weakening Armenia’s economic activity given its historically strong correlation with Russia’s growth cycle via remittances and trade channels, with Russia accounting for 23% of total Armenian exports,” the report said.

Read the report from Moody’s here