The cost of insuring against a default by the government for five years using credit-default swaps is 38 basis points higher than for Russia, which is rated speculative grade by both S&P and Moody's, according to data compiled by Bloomberg. The only major emerging market with contracts more expensive than South Africa is Brazil, which is in the worst recession in a century and where President Dilma Rousseff is facing impeachment. Moody's put South Africa's credit rating on review for a downgrade in March because of a weaker growth and fiscal outlook.