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S&P cut South African local-currency debt to sub-investment grade in November, and Fitch has held junk status since April. Moody's has South Africa on negative watch, and the SARB cut its 2018 growth forecast to 1.2%.
Downgrade risk and weak growth could weaken the rand and reduce South African import demand. Both effects are minor for global feed grain prices.
octaafrica.netDec 28, 2017Not 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.
