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Moody’s Investors Service on Friday downgraded five SA cities, placing them deep into junk territory at a time when municipal finances are extremely stretched.

The larger SA cities raise money on the bond market, though not in large amounts, and the downgrade will affect their cost of borrowing in both bond and capital markets. Included in the rating action were Johannesburg, Cape Town, Ekurhuleni, Nelson Mandela Bay and uMhlathuze. The Ekurhuleni Water Care Company was also downgraded...

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