Standard & Poor's changed its outlook on SA's credit rating to negative from stable on Friday night saying the country's debt situation was unlikely to improve unless the government took measures to control the fiscal deficit. It already rates us two notches into junk and another cut would make it a longer and harder slog to return to investment grade.

The announcement was made late Friday evening after the market had closed so, although it was pretty much expected, we could see pressure on the rand today.

Meanwhile, what may be the biggest rand hedge in your portfolio, Naspers, reported half-year results that show it has just about achieved its goal of becoming a 100% consumer internet business following February's unbundling of MultiChoice. Prosus also reported its first results since it was listed and unbundled by Naspers in September.

More on those in today's newsletter, along with full-year results from Tiger Brands that reveal the lingering impact of the listeriosis outbreak early last year, as well as interim numbers from services group CSG Holdings and European property owner Stenprop. And while Alexander Forbes has flagged a return to profitability for the first half of its financial year, Tharisa plc says its earnings will come in significantly lower.

Finally, if you are looking for an alternative investment, Uprise is South Africa's first and only regulated equity crowdfunding platform, providing an innovative space for capital raising and small business investment. The platform is disrupting the traditional funding landscape by providing an alternative, democratic method for businesses to raise capital, thus making the funding landscape more accessible to both entrepreneurs and investors.

Follow this link to find out more about Sun Exchange, the world's first peer-to-peer solar leasing platform that was identified and selected by Uprise.Africa and Bridge Capital.

I hope have a good week.

Stephen Gunnion

Managing Editor, InceConnect

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