Moody's gives Ekurhuleni bond Aa3.za

Moody's Investors Service said it assigned Ekurhuleni Metropolitan Municipality's ZAR 800 million bond issuance EMM04 a long-term debt rating of Aa3.za on the South African national scale rating.

This note is a drawdown under Ekurhuleni's ZAR 4 billion domestic medium-term note program rated Aa3.za.

The bond is a fixed-rate senior unsecured note amortizing in semi-annual equal installments of ZAR 27 million. It will be repaid in full on May 16, 2028 and will be listed on the Johannesburg Stock Exchange. Proceeds from the note will be used to finance the city's infrastructure requirements.

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