Cape Town is leaving the rest of South Africa in its wake, following a credit rating upgrade from Moody’s. This upgrade by the agency’s investor services sees theis mired in Government of National Unity indecision and infighting, a credit rating upgrade for the city has highlighting its continued progress in revenue collection and infrastructure improvement., with a ‘Ba3’ long-term issuer and senior unsecured debt rating.
Geordin Hill-Lewis, City of Cape Town mayor, said he’s happy that Moody’s has not taken a blanket approach, assuming all local governments are in poor financial shape. “Our financial health and balance sheets are significantly stronger. And efforts to differentiate ourselves and demonstrate our solid financial standing appear to be paying off. This is an encouraging sign that our investments and hard work are yielding results,” said Hill-Lewis.
Moody’s also noted a track record of improved management policies and practices, which led the city to sound financial metrics. The city’s liquidity has helped maintain a moderate debt burden, despite a massive investment of