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Moody’s downgrade fears hit rand, bonds Downgrade possible within weeks with analysts expecting a one-notch cu

Reports that Moody’s could downgrade SA’s credit rating sooner than expected weakened the rand and sent bond yields higher on Tuesday, as market participants worried that a negative rating action would spark a selloff in bonds.
Buoyed by stocks that benefit from a weaker rand, the JSE hit a 10-month high, closing the day 0.89% higher at 54172.76 points.
Nomura analyst Peter Attard Montalto said there was a possibility that Moody’s might downgrade the country in coming weeks without a visit.
The original view was that Moody’s analysts would visit SA towards the end of May and then report during June, he said.
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