Moody's downgrades Mangaung Municipality even further

Ratings agency Moody's on Tuesday downgraded the Mangaung Municipality's long-term global scale issuer rating to Caa1 from B3 and its long-term national scale rating to B2.za from B1.za and placed the rating under review with direction uncertain.

Mangaung's poor governance resulted in the city being placed under administration, a process which has further delayed the ability to provide debt service payments. It points out that, to date, the municipality is awaiting the formal appointment of the administrator by the provincial government, the terms of reference which will guide the work of the administrator and the creation of the financial recovery plan.

KgadiyaBashia Fin24 LebogangMaile1 this side leadership. When are these ones going to be put under admin?

Fin24 Moody's strikes again....and soon again.

Fin24 Can't wait until they give Ace the same JunkStatus scores.

Fin24 They should come for CityTshwane

Fin24 How did moodys get to municipal level. Lord help us.

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