JOHANNESBURG - The City of Johannesburg said it's not out of the woods yet, but signs of financial recovery are beginning to emerge.
Moody's has affirmed the metro's credit rating, assigning it a positive outlook.
The ratings agency said the move reflects growing confidence in the City's efforts to improve its financial position, strengthen governance and enhance oversight.
COJ Group Financial Officer, Tebogo Moraka, said this was a step in the right direction.
“Moody's affirming our credit rating and also affirming the position as positive, which was a position before, simply means that the City of Johannesburg, at least from a financial point of view and a solvency point of view, is stabilising, showing improvements.
“Especially in the electricity space, our debt obligations, especially the long-term ones, remain quite moderate.
“What that means simply is that the City is stabilising; it doesn't mean that we are not under financial pressure, we still are, but at least it shows confidence in the turnaround frameworks that we have put in place."