Moody's downgrades South Africa

By JP Landman

Moody’s announced last night that they are cutting South Africa’s sovereign credit rating to Ba1 From Baa3.

The outlook remains negative. This means that the country now has a sub-investment grade rating. All three major rating agencies now have South Africa rated as sub-investment grade, meaning that we as a country will fall out of the FTSE World Government Bond index.

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