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South Africa has lost its last major investment-grade sovereign credit rating after Moody's cut it to junk, the first time since its 1994 return to global markets. Finance Minister Tito Mboweni announced a unit within the finance ministry to focus on structural reform, and the rand hit an all-time low below 18 per dollar.
Loss of investment grade across all agencies raises borrowing costs and risks index exclusion, which weighs on the rand and raises the local cost of dollar-priced feed imports.
cnbc.comElliot SmithMar 31, 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.
