Minister pledges to defend credit rating

Gordan will also avoid South Africa's credit rating being downgraded to junk status, he told the Financial Times.

Standard & Poor’s changed its South Africa outlook from stable to negative in December on its rating which is one grade above junk status, making the threat of a credit rating downgrade to subinvestment likely.

“The consequences of [any] downgrade are well known, both within the Treasury and now within government?.?.?.?we make no secret of it,” Gordhan said in an interview with the FT published on Monday. “We are very committed to restoring credibility in our fiscal path.”