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Rating agencies Standard & Poors and Moody’s are expected to review their ratings of South Africa later this month. Fund managers are divided on the likelihood of SA sliding into full junk status.
Government is acutely aware of SA's credit ratings downgrades, despite comments made by some ministers, Finance Minister Malusi Gigaba has said.
Foreign investors have been snapping up South African banking stocks, enticed by the cheapest valuations relative to emerging-market peers since 2011.
The recent rating downgrade has fuelled uncertainty and will affect the investment landscape for years to come. But experts warn that investors should keep a cool head.
Bank of America estimates there may be $14bn of outflows if rand debt is excluded from Citigroup’s World Government Bond Index, which requires non-junk ratings from rating agencies.
It’s going to be a long and painful journey back to investment grade, but we’ve done it before. In the meantime, South Africans should protect their personal balance sheets.
The lowering of SA’s credit rating by S&P Global and Fitch has unleashed fears of dwindling business confidence, which could harm growth prospects.
National Treasury director general Lungisa Fuzile has revealed he resigned and will aim to leave by mid-May.
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