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Moody's and Fitch lowered South Africa's credit ratings deeper into junk territory on Friday, while S&P affirmed its rating three levels below investment grade. The agencies signalled that further cuts are possible.
Sovereign downgrades raise borrowing costs and can weaken the rand, but they do not directly change feed grain or meal supply and demand.
bloomberg.comHari Govind, Rene VollgraaffNov 20, 2020Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
