CHINESE ACADEMY OF INTERNATIONAL TRADE
AND ECONOMIC COOPERATION
MINISTRY OF COMMERCE, P. R. CHINA

Wed.29/10/2014

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Song Wei


International credit rating agency Standard & Poor's (S&P) downgradedSouth Africa's rating to junk status on April 3, warning investors of thepotential default risk on the country's foreign debt. Foreign-currency ratingsfor Russia and Brazil were also previously cut to junk by S&P in Januaryand September 2015, respectively. This latest downgrade could impact thesupranational rating of the New Development Bank (NDB) - a multilateraldevelopment bank established by the BRICS countries of Brazil, Russia, India,China and South Africa - thus elevating its financing costs.


The author is the associate research fellowof the Institute of International Development Cooperation.

This article is published on Global Times (April17, 2017).

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