Joburg’s credit rating cut over its ‘weak collection rates’
GCR Ratings says the downgrade highlights cash flow challenges in SA’s economic and financial hub
31 July 2023 - 11:46
UPDATED 31 July 2023 - 22:40
GCR Ratings, an affiliate of Moody’s Investors Service, has downgraded the City of Johannesburg’s credit rating and revised its outlook from stable to negative, highlighting cash flow challenges in SA’s economic and financial hub.
The metro’s national scale long-term issuer rating was downgraded to A (za) from A+ (za), with the short-term issuer rating affirmed at A1 (za), due to continuing pressures on operating performance as evidenced in “subdued income growth, increasing expenditures and relatively weak collection rates”...
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