Ministers met S&P Global Ratings on Monday after discussions with Moody’s Investors Service last week, as SA seeks to avoid another downgrade. SA was reduced to junk by both S&P and Fitch Ratings in April due to concern over policy continuity and political instability. This followed President Jacob Zuma’s removal of Pravin Gordhan as finance minister, replacing him with a minister with little financial experience. The changes to the Cabinet would "weaken standards of governance and public finances", Fitch said at the time. Finance Minister Malusi Gigaba and his deputy, Sfiso Buthelezi, were present to meet with S&P on Monday, Treasury spokesperson Mayihlome Tshwete said. They were joined by Trade and Industry Minister Rob Davies, Public Enterprises Minister Lynne Brown and Energy Minister Mmamoloko Kubayi. The company also met business leaders and trade unions, he said. S&P was due to make another ratings announcement about SA on June 2, while Moody’s has placed the country under re...
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