Ratings agency places City of Johannesburg on negative outlook

GCR Ratings has placed the City of Johannesburg’s credit rating on a negative outlook, citing concerns about the city’s liquidity position.

It had planned to charge a fixed surcharge of R200 a month for pre-paid residential and R402 per month for pre-paid business customers for 2019/2020. The ratings agency kept the metro’s long- and short-term ratings unchanged at AA and A1+, respectively. “Counterbalancing the metro’s strength is the very high debt of R20.1bn [for] financial year 2018 and relatively weak gearing metrics,” the agency said.“Liquidity is a rating weakness, as the City of Johannesburg’s cash holdings have trended downwards since financial year 2014 due to persistent working-capital absorptions.”

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