South Africa’s rand was quoted stronger in early Asia-Pacific trading hours on Monday after the country clung to its last investment-grade credit rating. Moody’s Investors Service on Friday announced that it had decided not to downgrade the country’s credit score to junk, although it did reduce the outlook to negative. This came even after the country released forecasts last week that showed its financial situation is rapidly deteriorating. The U.S. dollar was quoted as much as 1.2% lower against its South African peer at 14.8603 rand per greenback. Moody’s held the nation’s foreign- and local-currency readings at ... (full story)