Downgrade bomb drops

news24.com

- news24.com | a week ago

The beleaguered Mangaung Metro Municipality was dealt another blow to its recovery plan following a bruising ratings downgrade by the Moody’s ratings agency.

Earlier in May the rating agency strongly warned the Mangaung authority of a possible downgrade, owing to its inability to render services and collect revenues. The municipality has been under review since then with poor governance highlighted.

Last Wednesday (07/08), Moody’s announced the feared Mangaung Metro’s downgrade of three notches to B3.

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