PRETORIA, April 4 The deputy governor of South
Africa's central bank said on Thursday the downgrade of the
country's credit rating to junk status by S&P was a "serious set
back", and that the bank was ready to act if the political
events caused the favourable rates outlook to reverse.
"It is a serious setback for the country. We will now need
to redouble our efforts in providing assurance and communicating
continued commitment to sound macro economic policies," Deputy
Governor Daniel Mminele said in a speech at a business cocktail.
(Reporting by Mfuneko Toyana; Editing by James Macharia)