On July 17th, Moody's, a credit-rating agency, gave warning that it was considering downgrading South Africa's sovereign debt to sub-investment grade, a move that would deter much-needed foreign investment.

ECONOMIST: South Africa

HypoVereinsbank, for example, says that sub-investment-grade loans actually account for less than 30% of its North American book.

ECONOMIST: Refuse in a storm

In the recent past, the only thing that kept private equity from gobbling up large public companies was a lack of available financing, especially of the riskier sub-investment-grade variety following the 2008 financial crisis.

FORBES: Year Of Failed Deals For Private Equity