South Africa

Moody’s pushes Tshwane and Ekurhuleni deeper into junk

Two of SA’s biggest metros, Tshwane and Ekurhuleni, have been pushed further into junk status by ratings agency Moody’s Investors Service, as the cities’ financial situation deteriorates as a result of Covid-19.

Moody’s downgraded the two Gauteng metros on Wednesday. The province contributes more than a third of the country’s GDP. While the country’s economic situation was precarious before the Covid-19 lockdown, it worsened over the past few months and has specifically affected revenue collection in municipalities.

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