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An emerging economy has a sovereign rating from Standard & Poor's of BBB. S&P then downgrades the rating to BB. What will happen to the

An emerging economy has a sovereign rating from Standard & Poor's of BBB.  S&P then downgrades the rating to BB.  What will happen to the yields on this economy's sovereign bonds?  What will likely happen to the yields on corporate bonds from this economy?  What are the consequences of sovereign default? 

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