Moody’s Ratings has confirmed the credit ratings of Ekurhuleni and Tshwane at Caa2 but with a stable outlook.
Besides the credit rating downgrade on 6 March, Moody’s also put both metros on its watchlist for possible further downgrades because of an increased risk of accelerated debt and the potential danger that they could default on their notes listed on the JSE.Read: Moody’s downgrades Ekurhuleni metro further into junk
“Importantly, the city’s governance and management practices deteriorated over the last few years amid political instability, legal disputes, and audit concerns, which makes it difficult for the city to plan and execute annual budgets properly,” the statement read.
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