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S&P Global cut South Africa's local-currency debt one step to BB+, below investment grade, and lowered its foreign-currency debt to BB. Moody's kept its Baa3 ratings but placed them on review for possible downgrade.
Citigroup warned that a local-currency downgrade could trigger outflows of up to 100 billion rand.
A junk rating on local-currency debt could force large bond sales by index-tracking funds, weakening the rand and raising the cost of dollar-denominated feed imports. The risk is concentrated in the rand and bond markets.
thenationalnews.comBloombergNov 25, 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.
