The City of Johannesburg notes media coverage emanating from a report apparently published by Ratings Afrika, stating that Johannesburg’s liquidity position has deteriorated. This is not the first time this organisation has issued such statements. In the past the city has attempted to understand its scoring model and how scores are standardised to address the fundamentals and different make-up of municipalities. To date, Ratings Afrika has refused to enter into such a discussion. The city is in constant contact with the Treasury, ratings agencies and the auditor-general, which continuously assess its financial position. After maintaining our credit rating at investment grade with a stable outlook, Moody’s noted as recently as March that the following were key strengths of our administration: strong revenue growth supported by a broad tax base, sophisticated financial management and a large and diversified economic base. During our adjustment budget we acted to secure the short-to me...
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