Gigaba told MPs they would do their best to avoid another downgrade.The downgrades came immediately after President Jacob Zuma fired Finance Minister Pravin Gordhan.
The rand also lost more than 10 percent of its value after the reshuffle. However, Gigaba said there were a number of factors that led to the downgrades.
This followed a question by DA MP, David Maynier, that the Cabinet reshuffle had triggered the downgrades.Gigaba said the South African economy had been growing at a slow pace since 2008.
The last time the economy grew above 5 percent was before the 2008 period. Gigaba said they cannot seek to blame the downgrade with a Cabinet reshuffle.
BUSINESS REPORT ONLINE