Moody’s downgrades Mangaung for a second time
The metro missed debt payments on two loans worth R51.9bn to the Development Bank of Southern Africa and Standard Bank in December 2019
30 January 2020 - 05:05
Ratings agency Moody’s Investors Service pushed the Mangaung metropolitan municipality further into junk status this week, after it failed to service its R51,9bn debt to lenders in December 2019.
The financial woes for one of SA’s biggest municipalities increased after it missed debt service payments on the two loans from the Development Bank of Southern Africa (DBSA) and Standard Bank. ..
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