ANC Women's League not surprised by 'junk status'

The ANCWL says the downgrade comes as no surprise.

According to the ANCWL, S&P Global's Managing Director Konrad Reuss indicated during a recent discussion that a Cabinet reshuffle would be one of the factors taken into consideration when reassessing South Africa's credit rating. 

"The corrupt S&P that was fined around R26 billion over the top grades it gave to subprime-mortgage bonds, has been earnestly waiting to deliver a junk status to SA if the President reshuffles the Cabinet," the Women's League says.

They believe that South Africa cannot be held to ransom by rating agencies that are "serving a certain political agenda". 

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"S&P is not an apolitical institution and has interests on who has to be a Cabinet member," the ANCWL says.

The ANCWL has also reiterated that S&P, as an institution, is undermining the Constitutional right of President Zuma to appoint his Cabinet and make changes when he deems necessary.

"We call for the ANC government to persuade it's (emerging economies grouping) BRICS partners to speedily establish the BRICS rating agency," the ANCWL says.