A possible sovereign ratings downgrade could have “severe consequences” for SA, though this has been mitigated by Finance Minister Nhlanhla Nene’s “excellent” first medium-term budget, Imperial Holdings CEO Mark Lamberti says. SA is the source of 66% of Imperial’s revenue. But Mr Lamberti told the diversified logistics and industrial services company’s annual general meeting (AGM) yesterday that “the willingness” of Mr Nene’s Cabinet colleagues to “support the necessary austerity must now be tested”. He subsequently told Business Day that he was not pointing fingers at single ministries, but was talking about government adhering to “general austerity” measures. Qaqambile Dwayi comments on Imperial’s revised guidance.