What a Fitch

"Pitch and their pitchfork came to town Friday, another downgrade and this time both sets of debt, local and foreign currency denominated. Either way you look at it, there is no way to paint lipstick on the proverbial pig. The one thing that it may well do is galvanise us, and government, into thinking more … Continue reading What a Fitch

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Feeling Moody about SA

"Bondholders (i.e. who the company owes money to), are either forced to take a haircut (cents in the Dollar) or take equity. Equity holders are normally wiped out. In the case of GM, they did (and still do) have major pension fund obligations to meet. i.e. to pay their retirees. As medical health has improved … Continue reading Feeling Moody about SA