Moody’s gives Ekurhuleni, Tshwane a harsh lesson in fiscal discipline
06 March 2024 - 21:44
Moody’s Investor Service has sent the rating of Ekurhuleni further into junk territory and placed Tshwane’s on review for a downgrade for failure to submit its audited financial statements, giving two of the country’s biggest cities a harsh lesson in fiscal discipline.
The ratings agency downgraded Ekurhuleni’s long-term issuer (domestic), senior unsecured ratings to Caa2, three notches below the highest junk status in a reflection of a very high credit risk. Moody’s also put the City of Tshwane long-term issuer of Caa2, and its national scale rating of Caa1.za on review for further cuts. ..
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