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S&P Downgrade Counts for Little as S. Africa’s Rand Extends Gain
South Africa’s rand extended gains and benchmark bonds recovered almost all their losses since the start of the coronavirus sell-off as investors looked past mounting domestic risks to focus on the prospect of further global stimulus and signs of progress in treating the disease. S&P Global Ratings cut South Africa deeper into junk on Wednesday amid concern the Covid-19 pandemic will send the economy into a sharp downturn. Last month, the country lost its Moody’s Investors Service investment-grade credit rating, which will lead to rand bonds being excluded from the FTSE World Government Bond Index when it is ... (full story)