| South Africans woke up on Saturday to the stark reality that the country is one step closer to full junk status after Moody's changed its outlook on our credit rating from stable to negative, a precursor to a downgrade. However, the mood was lifted very quickly after the Springboks trounced England in the Rugby World Cup 2019 final in Japan. The last of the large ratings agencies to still rank SA debt as investment grade said the revision reflected the material risk that the government would not succeed in arresting the deterioration of its finances through a revival in economic growth and fiscal consolidation, despite ongoing policy responses. In today's newsletter, Dis-Chem's shares may also come under pressure this morning after a disappointing update from the discount pharmacy group after the close of trade on Friday and Taste Holdings has decided to sell all its restaurant interests to focus on the luxury goods business it tried to sell two years ago. Meanwhile, Sun International says its Sun Dreams subsidiary in Chile has been affected by the worst protests in decades in that country. As we mentioned earlier in October, Ince, Uprise.Africa and Bridge Capital have combinedstrengths to carefully identify and select the most promising new investment opportunities inexciting high-growth small companies with the potential for big returns. The next investment selection in this is intriguing space is My-iMali Mobile Money. Bridge Capital has a 20 year proven track record as a corporate advisory and M&A consultancyand their expertise has been brought into play in identifying the bestopportunities with the highest chance of outperforming other investments. Finally, a reminder that next Monday Strauss & Co's November sale will be held at its Houghton offices. The summer sale will focus collectors' attention on the strong influence Paris exerted on South African art throughout the twentieth century. The top three lots in the upcoming sale are by Alexis Preller, William Kentridge, and Penny Siopis, highly acclaimed artists who each spent time in Paris early in their careers. Strauss & Co executive director Susie Goodman says Paris was a beacon for countless South African artists, the first of whom to study in Paris was Robert GweloGoodman, in 1895. Click here for the online catalogue. I hope you have a good week. Stephen Gunnion Managing Editor, InceConnect
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