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Grave concern over impact of Nene's axing

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Former finance minister Nhlanhla Nene outside Parliament in Cape Town ahead of the mini budget in October. (Adiel Ismail/Fin24)
Former finance minister Nhlanhla Nene outside Parliament in Cape Town ahead of the mini budget in October. (Adiel Ismail/Fin24)

Cape Town - The Association for Savings and Investment South Africa (ASISA) has warned that the shock removal of Nhlanhla Nene as finance minister is worrying.

"[It] is of grave concern to the business sector of South Africa, especially as it comes only days after the downgrade of SA’s credit rating to just one level above speculative grade or junk," it said in a statement.

Standard & Poor's and Fitch left South Africa's debt shy of junk status on Friday last week, citing the slowing economy and rising debt and assigning a stable outlook to the rating.

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