Mother City gets thumbs up from Moody’s

SABC News Ian Neilsen - Mother City gets thumbs up from Moody’s

The City of Cape Town has received thumbs up from the major ratings agency Moody’s for its ground-breaking management of the drought crisis and its efforts to avert Day Zero. In a statement, the City says it’s extremely happy with the change of rating from negative to stable.

The ratings agency also views the development of the City’s draft water strategy as favourable.

Member of the Mayoral Committee on Finance, Ian Neilson, says almost 50% of the R25 billion capital expenditure plans will be invested in water and sanitation infrastructure.

He says this will include ongoing water interventions aimed at further insulating Cape Town from future shortages.

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