MARKET WRAP: Rand trims weekly gain as both Moody's & Fitch downgrade SA further into junk
The JSE is slightly lower on the week with global markets torn between vaccine optimism and concerns about rising Covid-19 infections
The rand fell late on Friday, trimming gains that saw it rise for a third week, after Moody's Investors Service and Fitch Ratings both downgraded the country’s debt further into junk status.
S&P Global was the only major ratings agency to give SA a reprieve, maintaining both its rating and stable outlook. With Moody’s now placing SA at two notches into junk, and Fitch moving SA three notches below investment grade, the country's path back to investment grade is harder...