Moody's: Despite pressure, Nelson Mandela stable

In its annual report on the Nelson Mandela Bay Metropolitan Municipality, Moody's Investors Service said the Aa3.za national scale issuer rating reflects the city's strengthening financial performance and commitment to fiscal consolidation.

Moreover, its debt levels are in line with its rated peers, despite growing sharply in the last few years, the agency said.

The rating also is supported by the city's diversified and growing economic base, although it remains smaller compared with other metros in the country, Moody's said.

The outlook is stable.

The city experienced significant fiscal pressure in 2010, the agency said.

But, in order to address its liquidity problems and restore budget equilibrium, the city committed itself to fiscal consolidation measures, Moody's said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.