Rand Drops to Record After South Africa Debt Rating, Outlook Cut

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  • Bond yields jump to highest level since February 2014
  • `Brave leadership' needed to reignite economy, NKC says

The rand fell to a record against the dollar and bonds tumbled, sending yields to their highest levels since February 2014, after Fitch Ratings cut South Africa’s credit rating and Standard & Poor’s lowered its outlook on the country’s debt.

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