Ratings agency Moody's has South Africa on a rating two notches above subinvestment, or "junk", grade with a negative outlook, and it is due to publish its next review later this month. Fellow ratings firms Standard and Poor's and Fitch, whose reviews are also due before year-end, have the country just a step above junk. Gordhan also reiterated that he had not, while head of the tax department, overseen the setting up of a surveillance unit which police say illegally spied on politicians. Gordhan last month slashed the 2016 growth forecast for Africa's most industrialised economy to 0.5 percent from 0.9 percent, raising fears of a credit rating downgrade from Moody's, Fitch and S&P Global Ratings by year-end. Investors and the ratings agencies alike are worried that the police probe into Gordhan's role in the surveillance unit could be part of a political ploy to pressure the Treasury into abandoning its prudent fiscal stance.