Mark Ingham: Exposing the junk - deciphering ratings agency myths and mumbo jumbo

The Big Three ratings agencies have come and gone. And, for the moment at least, they've left South Africa's credit rating at "investment grade" and issued their usual dry, complicated reports that warn, so diplomatically, that SA has entered last chance saloon. Just like they've been doing for a couple years now. Independent investment analyst Mark Ingham wrote a rather scathing blog accusing pundits of sensationalising the "junk bond" story. He reckons most of the commentators missed the entire point of what ratings agencies do and how they affect our lives. So I asked him to please explain, setting the stage for a fascinating discourse on dispelling financial myths and mumbo-jumbo.