ANC/EFF reduces Ekurhuleni to junk status
6 March 2024
The Democratic Alliance (DA) in the City of Ekurhuleni (CoE) notes with serious concern the city’s credit rating downgrade by Moody’s.
Under the leadership of the EFF and the ANC the city has been downgraded to Caa2 - Junk Status.
According to Moody’s this decision was taken after the City failed to Submit their 2023 Audited Financial Statement to the JSE (Johannesburg Stock Exchange) by 29 February 2024. The City is a listed Entity with the JSE and has debt securities (bonds) which are listed. Compliance dictates that Audited Financial Statements be presented.
Unfortunately, this damning downgrade by Moody’s is going to have a crippling impact on service delivery to communities, as an already struggling city, will now struggle even more to gain credit, or loans.