To avoid future confusion regarding the risk attached to particular securities, ratings for the different types of obligation should be clearly distinguished and investors should never rely purely on ratings to determine investment policy. Credit-rating agencies will also have to work harder to ensure that users understand the nature of their ratings.
Implications for the CMA It is only fair to point out that the countries of the CMA are “in this together”, in dealing with the impact of these disturbances. South Africa and Lesotho, Namibia and Swaziland, through our currency union, have a shared financial market and similar if not identical interest rate policies.