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New S’African FM pledges to prevent credit downgrade

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South Africa’s new Finance Minister, Malusi Gigaba has pledged to keep the country from a third credit downgrade to junk status.

Gigaba, who replaced Pravin Gordhan in a cabinet reshuffle, that triggered credit downgrades to sub-investment, by S&P Global Ratings and Fitch, told local investors he would clarify the Treasury’s policy positions to Moody’s, during an upcoming roadshow overseas.

He intends to tell investors attending an International Monetary Fund meeting in the United States next week, that the economy is showing signs of recovery.

But he adds that there is no silver bullet in the arrangement, insisting that nothing will be taken for granted.

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