Simply changing a ‘certain individual’ will not lead to a ratings downgrade
Finance Minister Malusi Gigaba says SA’s institutions can deal with any changes in political leadership and that ‘life will go on after the shock, the anxiety’
Finance Minister Malusi Gigaba says replacing one individual does not warrant a downgrade. Gigaba was speaking on Monday, amid fears that SA could receive a ratings downgrade this week. S&P Global Ratings was expected to pronounce on its credit rating of SA on Monday, following an emergency meeting at the weekend. Moody’s was scheduled to release its sovereign rating review of SA on Friday, while Fitch, which rates SA on the edge of junk at BBB-, does not forewarn when it will release its reviews. "I’m not the president. I didn’t get the intelligence report … I don’t ask questions, I simply comply with the instructions given to me. There’s so much going on in our country that changing a certain individual won’t cause a credit downgrade," he said. "We have it in us as a nation to manage any changes that may have taken place." Addressing questions around his capacity to serve as finance minister, Gigaba said: "I hold a masters degree. I’m quite educated. I don’t think anyone should do...
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