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S&P Global cut South Africa's long-term foreign-currency rating to BB- from BB, citing stimulus-driven debt increases and an expected 4.5% economic contraction. The USD/ZAR pair nonetheless declined slightly, as the downgrade was largely priced in and reopening hopes grew.
The pair had earlier touched a decade high near 19.34.
The rand's relative stability despite the downgrade trims import costs for dollar-priced feed ingredients, though weaker domestic demand may dampen feed consumption.
investingcube.comCrispus NyagaApr 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.
