| Mon 29 Sep 2025, 16:50 | | Credit rating announcement |
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Credit rating announcement
CITY OF JOHANNESBURG METROPOLITAN MUNICIPALITY
(a municipality as described in section 2 of the Local Government Municipal Systems Act, 2000, duly
established in terms of Notice No. 6766, promulgated in the Provincial Gazette Extraordinary of
1 October 2000 in terms of section 12(1) read with section 14(2) of the Local Government: Municipal
Structures Act, 1998, as amended)
Issuer Bond Code: BIJHB
(the "City")
CREDIT RATING ANNOUNCEMENT
Bondholders are hereby advised that the credit rating agency, Global Credit Rating Company Limited
("GCR"), has affirmed the City's national scale long-term and short-term issuer rating of A(za) and
A1(za), respectively, and revised the outlook from Negative to Stable.
GCR has indicated that the affirmation of the ratings and revision of the outlook to Stable reflect the
City's steady financial performance notwithstanding ongoing operational challenges. While the City's
relatively low collections rate continues to place pressure on available cash reserves, the City is actively
managing its finances and debt obligations. The ratings are further supported by the City's continuing
role as the economic centre of South Africa, with diverse sources of income.
The Stable outlook is driven by GCR's expectation that the City's financial position will remain stable,
despite operational constraints and tight liquidity.
The GCR announcement in regard to the City's credit rating is available from the GCR website at:
https://gcrratings.com/announcements/gcr-affirms-city-of-johannesburgs-national-scale-issuer-rating-
of-aza-revises-outlook-to-stable-on-expectations-of-stability-in-its-financial-position/.
Johannesburg
29 September 2025
Debt Sponsor
One Capital
Date: 29-09-2025 04:50:00
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