Credit ratings by Moodys

Moody's has a long history in South Africa, assigning a sovereign rating to the Republic of South African in 1994, and has since been closely involved in the development of the South African capital market. In 2001 Moody’s introduced a South African National Scale Rating system and established a presence in the country in 2003. Today, we rate many South African corporate, financial institution, structured, sovereign and sub-sovereign issuers. Our locally based analysts cover a variety of industries namely resources, telecommunications, retail, manufacturing, transportation, project finance, power & utilities, municipalities and structured finance.

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Credit Analysis - June 2012

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Date added:	07/16/2012
Date modified:	07/16/2012
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Ekurhuleni Metropolitan Municipality’s Aa2.za/Prime-1.za national scale issuer and debt ratings are underpinned by its relatively large economic base, its moderate – albeit gradually growing debt levels (including municipally owned entities), and its traditionally conservative approach to financial management. However, the ratings also consider the fiscal challenges associated with relatively low, but gradually improving, revenue collection rates and the city’s high expenditure requirements, and their potential impact on the city’s financial performance and liquidity position in the medium term.