South Africa's largest trade union and ally to the ruling African National Congress (ANC) Cosatu says President Jacob Zuma must step down after his change of finance ministers triggered a credit rating downgrade to "junk".
Traditionally an ally to Zuma's African National Congress party, the trade union says it no longer believes in Zuma's ability to lead the party and the country, and it will call for the alliance with the ANC to restructured.
Standard and Poor's said on Monday that "the executive changes initiated by President Zuma have put at risk fiscal and growth outcomes." The downgrade led to the already battered rand falling even further.
Other rating agencies were widely expected to downgrade South Africa as well.
Zuma says the country's fiscal policy will remain unchanged after his cabinet reshuffle and his ministers will reach out to international investors to assure them of this.
