Stay the Course

“Stay the course” is a phrase that has its origins in nautical metaphor and has been popularised by world leaders primarily in the context of war or battle. According to Stewart Alsop’s 1973 memoirs of a conversation with Winston Churchill, the British Prime Minister contemplated towards the end of World War II: “America, it is a great and strong country, like a workhorse pulling the rest of the world out…

South Africa Loses Investment Grade (IG) status on anticipated unfavorable policy shifts

Changes in SA’s executive leadership have led to heightened political and institutional uncertainties Although Standard and Poor’s Global Ratings (S&P) was scheduled to release a ratings review on SA on 2 June 2017, recent changes to the country’s executive leadership have, in its view, brought policy continuity into question. This has resulted in the ratings agency deciding to downgrade SA’s long-term foreign currency rating from BBB- to BB+ (junk status)…