PREMIER Makhura has congratulated the City of Ekurhuleni on being awarded the highest investment grade by Moody’s Investor Services.
Ekurhuleni has been awarded a national scale rating of Aaa, the highest investment grade, and a four notch upgrade from its previous rating by Moody’s rating agency.
“The investment upgrade of Ekurhuleni, which follows the recent positive credit rating of the City of Joburg, gives us the confidence that we are well on our way to building a globally competitive Gauteng City Region,” Premier Makhura said. The premier added that the ratings send a positive message about good financial management and controls, performance, innovation, urban management, and sound administration of Gauteng cities.
Moody’s Investor Services rate public and private institutions’ creditworthiness to give investors an independent assessment of their ability to honour financial commitments. Investment decisions are often informed by these rating agencies.
“The fact that these ratings come in the midst of a difficult and volatile global and domestic economic outlook is even more encouraging,” the premier said. He added that the ratings demonstrate the important role cities play in national economies.
Ekurhuleni City contributes 25 per cent to the province’s economy and six per cent to the national GDP, whilst the City of Joburg contributes 16 per cent to the GDP.
“The overall drive by the country’s national leadership is to ensure that South Africa remains a positive investment destination is important for all of us,” the premier added.
