South Africa’s new Finance Minister Malusi Gigaba said the credit rating downgrade by Standards & Poors meant the government had to pay even greater focus on growing the economy.
Gigaba said South Africa’s rand denominated debt was still rated as investment grade and that the government’s fiscal policy remained unchanged .
He said though not easy to recover from degradation, but that effort will be made to manage the political risks and practices that have been highlighted by Standards & Poors
Meanwhile, Moody’s agency again ranked South Africa, two notches above junk status,says it will place the country under surveillance for a potential downgrade.
