Business leader Sipho Pityana says the decision by credit ratings agency Moody’s to place several state-owned enterprises on review is further evidence of President Jacob Zuma’s disastrous management of the economy‚ and he should step down before it’s too late. Pityana is campaigning for business to take a political stand and call for Zuma’s resignation. "I made the point earlier this week‚ and I repeat it now‚ that business needs to stand together with other sectors of society to demand a leadership that is transparent‚ accountable and free from corruption. The first step in that process is to demand that Zuma step down as president‚ before it’s too late‚" he said in a statement.Brace for bad news at the petrol pumps‚ as Hawks-Gordhan controversy hurts SA randFill up your car's tank before the end of the month‚ as petrol prices could go up by 51c/l. Moody’s announced on Wednesday that the South African National Roads Agency (Sanral)‚ the Industrial Development Corporation (IDC)‚ the Development Bank of Southern Africa (DBSA) and the Land Bank as well as Eskom’s unsecured debt were all in line for a downgrade due to rising concern among investors about growing risk from governance issues.Moody’s said its primary concern was to assess whether the companies would continue to have access to the debt market in the future and whether they would be able to absorb higher funding costs.Pityana says it is "significant but not surprising" that Moody’s has highlighted concern about governance at state-owned enterprises (SOEs) and about SA’s political environment."Zuma made commitments to the international investor community earlier this year to stabilise SOEs and to project policy certainty. He has failed to do this‚ and in fact maintains that there is nothing wrong with our SOEs or with policy direction."We can now see the consequences. Because of Zuma‚ SA is now one step closer to a sovereign downgrade‚ which will have disastrous implications; already‚ Eskom faces the prospect of having to pay higher interest on new debt‚ which means further electricity price increases‚" he said.Pityana said that the next step – a full sovereign downgrade – would precipitate a major economic downturn and set back government’s efforts at creating a more equal society.Moody’s has the IDC‚ Sanral‚ DBSA and the Land Bank on a Baa2 rating‚ two notches above junk. Eskom’s unsecured debt is already in junk territory with a Ba1 rating...