Moody’s lifts Joburg outlook to positive, affirms Ba3 credit rating

Staff Reporter

The City of Johannesburg said on Saturday that Moody’s Ratings had affirmed its long-term issuer rating at Ba3 and revised its outlook to positive, a move the municipality said reflected confidence in its financial position and economic base.

The city said the rating action followed the restoration of its compliance with Johannesburg Stock Exchange debt listings requirements after the publication of its audited annual financial statements, which led to the lifting of the suspension of its debt instruments.

It said the development had removed any potential risk linked to debt acceleration and showed that Johannesburg had sufficient liquidity to meet its obligations.

Moody’s recognised the city’s diversified economy, stable operating performance, moderate debt profile, continued access to capital funding and government grants, and its record of servicing debt during the temporary JSE suspension, according to the statement.

The city said Moody’s positive outlook reflected confidence in Johannesburg’s standalone