FILE PHOTO: South Africa's President Jacob Zuma reacts during the launch of a social housing project in Pietermaritzburg, South Africa, April 1, 2017. REUTERS/Rogan Ward/File Photo
JOHANNESBURG (Reuters) - S&P cut South Africa's credit rating to junk status on Monday, saying the dismissal of Pravin Gordhan as finance minister threatened a damaging policy shift, while President Jacob Zuma readied for a showdown with other ANC leaders over the sacking.
In an unscheduled review that prompted a selloff in South African assets, the credit agency cited the impact of divisions in the ANC-led government that led to leadership changes including Gordhan's departure on Zuma's orders late on Thursday.
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