During credit rating, ratings agency Moody’s ranked the City of Cape Town highest in terms of budgetary performance and management compared to other Metros in the country.
The City of Cape Town has welcomed Moody’s rating, saying it’s favourable and will give investors more confidence in the financial management of the municipality.
A statement released by the City says with the global credit rating, the city is more comparable with other entities on the international market.
According to City of Cape Town Deputy Executive Mayor, Ian Neilson, the Moody’s credit rating also allows for a lower interest rate from banks and other financial institutions.
Neilson said: “It indicates that this city is in a very strong and robust financial position, that we’ve a strong liquidity position. We’re able to pay our bills and salaries and everything, and when anyone does business with the city, they can be quite assured the city would be in a position to pay them.”
“In a sense, the City will be less constrained by the country’s rating. This is especially advantageous for the City as it plans to approach the external bond market in the future.”
Neilson added that the city will be able to assist its citizens. Strong financial position meant that more resources could be allocated to residents.
In addition to the credit rating, Cape Town has been rated best in the category “Top Cities in Africa and the Middle East” in the Travel and Leisure 2016 World’s Best Awards.
Some other recent awards that the city has won, include the 2015/2016Telegraph Travel Awards’ “Best City in the World” for the fourth year running and Condé Nast’s highly-acclaimed reader’s choice award in the World’s Best Food Cities list among others.
Cape Town’s cultural attractions, Winelands tours and fine-dining venues all contributed to the awards and credit rating.