City of Cape Town gets Moody’s highest credit rating

Ratings agency Moody’s has credited the City of Cape Town favourably in terms of budgetary performance and management compared to other Metros in the country.

The City has welcomed the news saying the favourable ratings gives investors confidence in the financial management of the municipality.

In a statement, the City says the global credit rating makes it more comparable with other entities on the international market.

City of Cape Town Deputy Executive Mayor, Ian Neilson, says the rating also allows for a lower interest rate from banks and other financial institutions.

“In a sense, the City will be less constrained by the country’s rating. This is especially advantageous for the City as it plans to approach the external bond market in the future.”

http://www.sabc.co.za/news/a/0a28bc804d6a35659ac2de4b5facb1b5/City-of-Cape-Town-gets-Moodys-highest-credit-rating-20160708