King Cetshwayo Municipality secures top credit rating

INTERNATIONAL ratings agency, the Global Credit Rating Company, has awarded the King Cetshwayo District Municipality both a top-tier A1 short-term and A1 long-term credit rating, indicative of the borough’s strong financial performance over the past five years.

On the short-term debt rating scale, the agency assessed the municipality’s general unsecured credit worthiness over a 12-month period, and on the long-term scale, it rated the probability of default on debt instruments over the life of the issue.

District Mayor Nonhle Mkhulisi yesterday (Wednesday) stated she is elated by the announcement.

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‘The rating rationale indicates that the district has evidenced income growth over the past financial year, which reflects the success of the district in implementing projects in line with national government’s objectives.

‘The rating also acknowledges that in terms of cash flow, our liquidity is strong, we have not raised new debt since 2010, and we have reported large surpluses and positive operating cash flows over the five-year reporting period.

‘All of the above is a testimony to excellent financial management and strong control measures we implement as an institution of good governance.

‘I am proud to report on the outstanding performance of the district in this regard, and thank our management for their commitment to maintaining our stable economic rating and most especially our Clean Audit outcomes year after year.’

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  AUTHOR
Mia Moorcroft

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