The focus will now be on how the social democratic and left-leaning members of South Africa's cabinet -- the "constitutionalists" -- will respond to the reshuffle.
South African President Jacob Zuma has replaced the finance minister and his deputy with appointments that would allow looting of the national purse.
Budget repair seems even less plausible after this election and this is the main risk to Australia's AAA credit rating.
South Africa has narrowly escaped a downgrade of the rating of its sovereign bonds, but government has its work cut out as it seeks to restore investor confidence and lift economic growth.
For decades, credit ratings agencies were largely ignored by the masses, but in recent months they have continued to hit the headlines again and again. The big three (Standard & Poor’s, Moody’s and…