Moody’s pushes Tshwane and Ekurhuleni deeper into junk
The ratings agency points to the weakening financial position of the two cities and, in the case of Tshwane, the heightened political uncertainty
24 September 2020 - 17:04
UPDATED 25 September 2020 - 13:06
Two of SA’s biggest metros, Tshwane and Ekurhuleni, have been pushed further into junk status by ratings agency Moody’s Investors Service, as Covid-19 worsened their already weak financial positions due to governance challenges.
Moody’s downgraded the two Gauteng metros on Wednesday. The province contributes more than a third of the country’s GDP. While the country’s economic situation was precarious before the Covid-19 lockdown, it worsened over the past few months and has specifically affected revenue collection in municipalities. ..
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.