Mangaung junk status: FF Plus will request Treasury oversight
29 May 2019
The Mangaung Metro Municipality is wrong to offer the poor economy, rising unemployment rate and higher tariffs as reasons for the possibility that the Metro might be downgraded to junk status.
The grading agency Moody's indicated that it is considering downgrading Mangaung to junk status in the near future if the Metro does not put its house in order soon.
The actual cause of the Metro's problems is poor municipal management by the ANC. The ANC is responsible for the vicious circle of decline in the Metro.
The Metro's financial recovery plan is too little too late. The recovery plan was implemented last June and still there is no improvement. Moody's intention to downgrade the Metro goes to show that the ANC offers no real solutions.