Now that Moody’s Investors Service has finally put us out of our collective misery and pulled the trigger, we may be in a position to pronounce on a question that has been occupying minds in financial markets for a while.

So, to what extent was SA’s inevitable credit downgrade to Ba1, down four steps from A3 when Jacob Zuma became president in 2009 — a final testament if ever one was needed of the ANC’s mismanagement during the so-called lost decade — already reflected in the price of SA assets?..

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