Zuma's Power Play in Cabinet Brings S&P Downgrade to Junk
- South Africa cut to junk by S&P for first time since 2000
- President Zuma faces chorus of criticism for firing Gordhan
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South African President Jacob Zuma’s shock decision to fire his finance minister and stack his cabinet with loyalists led to an immediate downgrade of the nation’s credit rating by S&P Global Ratings to junk and spurred calls for him to resign.
The decision by S&P to remove South Africa’s investment-grade rating for the first time in 17 years may be followed by downgrades by Moody’s Investors Service and Fitch Ratings Ltd. It comes amid a chorus of criticism within Zuma’s African National Congress over his decision to fire Pravin Gordhan.