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South Africa’s new finance minister has pledged to do what he can to keep the country from a third credit downgrade to junk status.
He said he would meet ratings firm Moody’s to persuade it he will stay on the path of fiscal discipline. Malusi Gigaba, who replaced the respected 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.
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