Standard & Poor’s has downgraded South Africa's sovereign credit rating to “junk” status.
The rating agency says the decision has been taken on the back of political and institutional uncertainty after President Jacob Zuma announced his Cabinet reshuffle in which Pravin Gordhan was axed.
Listen to the interview in the audio below (and/or scroll down for quotes from it).
There are many levels to go down. This is not the bottom.— Christie Viljoen, KPMG
There’s no positive comment.— Christie Viljoen, KPMG
Treasury [the new team] doesn’t acknowledge that we have a problem.— Christie Viljoen, KPMG
With this; the pace of job creation will remain too slow.— Christie Viljoen, KPMG
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The rating agency says the decision was taken on the back of political and institutional uncertainty.
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