City’s credit rating upped
ETHEKWINI’S credit rating has improved according to a report released this month.
Global Credit Rating rated the municipality’s long-term national scale credit rating from AA- to AA while the short-term credit rating remained at A1+.
“The report stated that AA is very high credit quality where protection factors are very strong, while A1+ indicates a very high certainty of timely payment. Liquidity factors are excellent and supported by good fundamental protection figures while risks factors are minor,” read a statement by the municipality.
“This improved rating should be commended in these tough economic times. Full marks to council and the executive management for this outstanding achievement,” said deputy city manager of finance, Krish Kumar.
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