The rand was slightly weaker against the dollar on Monday morning after firming on Friday after SA escaped a downgrade from rating agency S&P Global Ratings. Nedbank Corporate and Investment Banking analysts said market players had found comfort in the decision, pushing the rand to touch a best level of R13.7775/$ in New York. The agency decided to maintain its rating of SA’s of foreign-currency debt at one level above non-investment grade, or junk status, but indicated a negative outlook for the country. Rand Merchant Bank (RMB) analyst Celeste Fauconnier said it was worrying that Moody’s Investors Service, Fitch Ratings and S&P all had the country on negative outlook. Fauconnier said RMB Global Markets Research expected S&P to downgrade SA’s foreign currency rating to junk statues in June. The rand was steady against the euro after Italians voted against a constitutional reform proposal on Sunday. Italian Prime Minister Matteo Renzi said he would follow through on his pledge to re...
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