JOHANNESBURG, April 7 South Africa's Banking
Association (BASA) said on Friday that Fitch's decision to
downgrade the country's credit rating to "junk" would make it
more difficult for bank's to attract foreign investment, adding
that President's Jacob Zuma's cabinet reshuffle was to blame.
"The fact that Fitch has directly attributed its downgrade
to the actions of the president demonstrates in no uncertain
terms the broad assertion that the cabinet reshuffle ... was not
in the national interest," the body said.
Fitch downgraded South Africa's foreign and local currency
debt to speculative grade, while S&P Global Ratings on Monday
cut the hard currency borrowing to "junk". Both cited likely
changes in economic policy after a cabinet reshuffle.
(Reporting by Mfuneko Toyana; Editing by James Macharia)