Moody's recently downgraded it's rating by a notch - while S&P Global and Fitch have given the economy a BB plus.
Gigaba made the comments at a briefing in Pretoria.
He says President Jacob Zuma and other ministers discussed critical interventions at an emergency meeting on Wednesday night.
He says the government is committed to maintaining a fiscal framework announced in the budget, with another meeting being planned.
“The president has stressed the urgency of coordinated response and is convening a full day meeting in two weeks’ time of various economic ministers and cluster responsible for key sectors to address obstacles delaying the finalisation of policy processes and agree on the urgent timeline.”
Gigaba says the issues raised by ratings agencies are key to restoring South Africa to a favourable investment grade with a positive outlook.
He added that government needs to address the concerns raised by the rating agencies.
“All three ratings agencies have raised similar issues, such as the slow pace of growth-enhancing reforms, growing contingent liabilities amid poor governance at key state-owned companies and political risks, among others. Our sovereign credit rating has huge macro-economic impact and affects government, business and ordinary South Africans alike.”
(Edited by Zinhle Nkosi)