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S&P cut South Africa's foreign-currency rating to BB+, its highest junk grade, after President Zuma's cabinet purge, and kept a negative outlook. The local-currency rating was cut to BBB-, still investment grade, and Moody's placed its rating under review for a downgrade.
The downgrade raises the cost of sovereign borrowing and signals further risk of cuts. A weaker rand would raise the cost of imported feed inputs.
bloomberg.comRene VollgraaffApr 3, 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.
