The City of Cape Town has maintained the highest possible credit rating opinion from the ratings agency Moody’s.
This rating follows closely after the City received its 13 consecutive unqualified audit report.
The rating means that the City has the highest possible level of credit quality within the national context, with low debt levels.
Mayoral spokesperson Zara Nicholson says the ratings are a positive reflection of the City’s financial management practices.
“A favourable rating from Moody’s hold several benefits for the administration and residents of Cape Town. Favourable rating gives investors confident in the financial leadership and management of the City of Cape Town.”
“As a result, the companies that do business with the city can do so in the full knowledge that the city will be able to pay accounts. Also allows a lower interest rate from banks and other financial institutions which place the city in a stronger financial position,” adds Nicholson.[Source: News24]