April 4, 2017 / 12:02 PM / a year ago

South Africa's finance minister Gigaba to reform state firms after downgrade

PRETORIA (Reuters) - South Africa’s new Finance Minister Malusi Gigaba said on Tuesday he would focus on accelerating reforms to corporate governance at the country’s ailing state-owned companies following a downgrade to “junk” by S&P.

Gigaba said he had spoken to the other major rating firms Fitch and Moody’s to reassure them about his plans to keep fiscal policy unchanged and deal with political instability.

Reporting by Olivia Kumwenda-Mtambo; Writing by Mfuneko Toyana; Editing by James Macharia

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