Moody\u2019s Credit Rating Agency recently released their credit opinion on the credit profile of the metro.<\/p>\n
Moody\u2019s found the credit profile of the City of Ekurhuleni (Baa3\/Aaa.za stable) reflects its stable financial performance, supported by a large and diverse economic base, and significant, predictable revenue from service charges and property taxes.<\/p>
The ratings agency also found the metro\u2019s consistently strong liquidity remains above the average of its rated peers in South Africa (Baa3 stable) and will mitigate its exposure to increasing capital requirements.<\/p>\n
\u201cWe are highly pleased by Moody\u2019s credit opinion, which has found the city to have a stable financial base.<\/p>
\u201cThis announcement following the recent positive audit outcome by the auditor-general places the City of Ekurhuleni as the prime investment destination in Gauteng and a safe environment for investors.<\/p>\n
\u201cWe will continue to focus on raising much-needed foreign direct investment to bring the vision of transforming Ekurhuleni into Africa\u2019s first-ever aerotropolis city into fruition,\u201d said Ekurhuleni\u2019s executive mayor, Mzwandile Masina.<\/p>\n
In regards to the metro\u2019s ratings outlook, Moody\u2019s said, \u201cThe stable rating outlook reflects our expectation that the City of Ekurhuleni will sustain its comparatively strong financial performance and liquidity despite increased capital spending and debt over the next three years.<\/p>\n
\u201cThe metro\u2019s track record of prudent budgetary management supports the outlook.\u201d<\/p>\n
Moody\u2019s has cited the metro\u2019s high capital spending pressure for service delivery as a challenge.<\/p>\n
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ALSO READ:<\/span><\/p>\n Auditor General\u2019s 2017\/2018 Financial Year Audit revealed<\/a><\/p>\n Loud music troubles Primrose residents<\/a><\/p>\n <\/p>\n Commenting on the challenges raised in the credit opinion, Masina said, \u201cThis is a reflection of our pro-poor stance as government and the results of the Gauteng City Region Quality of Life Survey 2017\/2018 which placed the City of Ekurhuleni as the best metro in terms of services, ahead of Tshwane and Johannesburg.<\/p>\n \u201cWe have prioritised service delivery as an urgent daily activity as the city.<\/p>\n \u201cBeyond building a growing economy, we seek to build a well-being economy within our city, which is preoccupied with the livelihoods of our citizens.<\/p>\n \u201cProviding quality healthcare, inclusive human settlement and educating our youth will continue to put pressure on our capital spending, but we are fully aware that this will bear fruit in the near future, as we begin to realise the potential of our demographic dividend.\u201d<\/p>\n <\/p>\n Hav<\/strong>e a story?<\/strong><\/p>\n Contact the newsroom by emailing: Melissa Hart (Editor)\u00a0<\/span>germistoncitynews@caxton.co.za<\/a><\/strong>\u00a0or Leigh Hodgson (News Editor)\u00a0<\/span>leighh@caxton.co.za<\/a>\u00a0<\/strong>or Kgotsofalang Mashilo (journalist)\u00a0kgotsofalangm@caxton.co.za<\/strong><\/a><\/p>\n Remember to visit the Germiston City News on the following social media platforms:<\/p>\n Facebook<\/a><\/strong><\/p>\n Twitter<\/a><\/strong><\/p>\n Instagram<\/a><\/strong><\/p>\n YouTube<\/a><\/strong><\/p>\n Or add the GCN on\u00a0<\/b><\/span>WhatsApp 079 406 1181<\/strong>\u00a0<\/span>or\u00a0BBM (BBM Pin: 7F102137)<\/strong>\u00a0<\/b><\/span>today, to get all the latest news.<\/p>\n Catch-up on more local news with our sister newspapers\u00a0<\/span>Bedfordview Edenvale News<\/a><\/strong>,\u00a0<\/span>Alberton Record<\/a><\/strong>\u00a0and\u00a0<\/span>Kempton Express<\/a><\/strong>.<\/p>\n