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It is no surprise that Moody’s Investors Service has finally downgraded SA to subinvestment grade, or “junk” as it is sometimes called. This change aligned Moody’s rating to that of Fitch and S&P Global Ratings, with all three agencies on a negative outlook.

Last week Fitch went a step further and downgraded again, making it the most bearish agency at present, two notches below investment grade. Moody’s remains one notch below investment grade, while S&P’s split rating (local- and foreign-currency ratings) are a respective one and two notches below investment grade. The question that arises: is “junk” just “junk”?..

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