Asset manager Citadel does not use the word “junk”, says George Herman, its Chief Investment Officer.
In an interview on Bruce Whitfield’s The Money Show; Herman gave the following five reasons for this:
The probability of South Africa defaulting on its debt has not increased meaningfully since the downgrade.
The credit agencies do not use this term.
Global ratings agencies are like film critics.
Defaults by countries in the top bracket of non-investment grade happen only marginally more frequently than those in the lowest bracket of investment grade, so the actual difference in absolute credit risk is marginal.
- Times like these offer opportunities.
For more detail; listen to the interview in the audio below.
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