The City of Joburg has received good news after rating agency, Fitch, affirmed the city's national long term rating and the national senior unsecured ratings on outstanding bonds.
702 and Cape Talk's Stephen Grootes speaks to City of Joburg mayor, Parks Tau, about what the ratings mean for the city.
Listen to the interview below:
It's an affirmation that the City is managing its finances correctly, and it means we would be able to raise money at a cheaper rate.— Park Tau, City of Joburg mayor
In 2010, we invested in the World Cup and it put us in a difficult situation. Reality is that we've been able to recover from that and demonstrate our ability to raise money from the debt capital markets in a responsible way.— Parks Tau, City of Joburg mayor