Moody’s downgrade unlikely a disaster

the inevitable Moody’s Investors Service downgrade – which will strip South Africa of its last investment-grade credit rating next year – will not be the cataclysmic event that many expect, as foreign investors have already sold off a large chunk of their holdings of government bonds, and market prices now reflect that scenario.

For the past year, anticipation of the downgrade and uncertainty overwhen it would happen has kept investors and businesses on edge and sparked speculation of massive, sudden outflows from the bond market which would hit