Business warns of ‘negative spiral’ after reshuffle-induced downgrade
Business has warned of a possible “negative spiral” for the country’s economy as a result of President Jacob Zuma’s “ill-considered” March 31 Cabinet reshuffle, which led S&P Global Ratings to downgrade South Africa’s sovereign credit rating to the subinvestment-grade status of BB+, with a negative outlook. Business Leadership South Africa (BLSA), which represents big business in the country, said Zuma had done South Africa great harm, and “should be held to account by all South Africans”.