The downgrade by Standard & Poor’s of SA’s local-currency debt to one notch above junk and its minority foreign-currency debt to junk status has long been anticipated by markets, and was largely priced in by the time of the announcement on Monday, 3 April. I have attached a infographic in my profile that shows why the downgrade is important to all South Africans and illustrates the long-term impact of a potential move from investment grade to junk status – for local-currency debt. * Content produced by Sanlam Investments