Moody’s Investors Service has downgraded the City of Ekurhuleni and Nelson Mandela Metropolitan Municipality flagging weak operational performance and material financial pressure.
Ratings agency Moody’s late on Friday raised Hungary’s sovereign credit rating to ‘Baa2’ from ‘Baa3’ on the economy’s strong rebound from the pandemic, which comes as a boon to Prime Minister Viktor Orban amid a campaign for early 2022 elections.
An economist at Municipal IQ, Karen Heese, says the ratings agency Moody’s downgraded five South African municipalities due to rising liquidity pressures, as a result of shortfalls in revenue collection.
Ratings agency Moody’s has downgraded five South African municipalities warning of rising liquidity pressures as a result of shortfalls in revenue collection.
Credit rating agency Moodys says the spike in social unrest in South Africa coupled with the rise in coronavirus infection rates in May and June poses downside risks to its four-percent growth forecast for South Africa this year.
South Africa’s rating outlook is likely to remain negative due to rising debt levels, high interest payments and the continuing challenges facing Eskom.
South Africa’s low economic growth and rising debt burden could see socioeconomic tension intensify and impede policy reforms, ratings firm Moody’s said in a research note on Tuesday.
Moody’s has upgraded its outlook for the global airlines industry to “positive” from “negative”, as the ratings agency expects steady vaccine rollouts across geographies to drive a rebound in commercial air travel.
Credit Rating agency Moody’s has skipped a scheduled review of South Africa’s sovereign rating.
Moody’s ratings agency says it remains concerned about the elevated levels of government debt as well the uncertainty over the pace of economic recovery.