South African Finance Minister Pravin Gordhan has vowed to protect the country’s credit rating and avoid it being downgraded to junk status, he told the Financial Times.
In December, credit rating agency Standard & Poor’s had changed its South Africa outlook from stable to negative on its rating which is one grade above junk status.
“The consequences of (any) downgrade are well known, both within the Treasury and now within government ... we make no secret of it,” Gordhan told the Financial Times. “We are very committed to restoring credibility in our fiscal path.”
