Moody's downgraded Ekurhuleni to 'junk' status due to delayed audited financial statements.
Credit rating agency Moody's downgraded Ekurhuleni to 'junk' status after the city failed to submit its audited financial statements to the Johannesburg Stock Exchange by the end of February, reflecting increased risk of default amid weakening governance and management practices. The city insists its financial integrity remains sound, urging stakeholders to focus on forthcoming reviews by its officially designated rating agency. Moody's also put the City of Tshwane on review for downgrade.
March 06, 2024
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