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S&P Global cut South Africa's foreign-currency rating deeper into junk to BB- on Wednesday. The rand nonetheless extended gains for a fifth day, and rand bond yields fell as investors focused on global stimulus.
South Africa is set to be excluded from the FTSE World Government Bond Index after Moody's removed its last investment-grade rating.
A firmer rand lowers the local cost of imported grains and meals for South African feed buyers, though the downgrade signals weaker domestic demand ahead.
moneyweb.co.zaRobert Brand, BloombergApr 30, 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.
