CITY OF CAPE TOWN METROPOLITAN MUNICIPALITY - Credit rating announcement

Credit rating announcement

THE CITY OF CAPE TOWN METROPOLITAN MUNICIPALITY

(A Municipality in terms of Section 155 of the Constitution of the Republic of South Africa, duly established
by notice in the Provincial Notice 479/2000 dated 22nd September 2000, of the Western Cape, pursuant
to Section 12(1) and Section 14(2) of the Local Government: Municipal Structures Act, 1998 (Act 117 of
1998) as amended)
JSE alpha code: BICITY
(“the City”)

CREDIT RATING ANNOUNCEMENT

The City hereby notifies its debt investors that Moody’s Investor Services South Africa Proprietary Limited
(“Moody’s”) has affirmed the City’s long-term global scale and long-term national scale issuer and debt
ratings of Ba3/Aa3.za with a stable outlook, to reflect the City's resilient operating performance and
liquidity.

Though the operating balance is forecast to moderate in the medium term, due to rising operating
expenditure pressures, the resilience in the City's cash position is expected to remain. The low debt level,
together with the City's liquidity reserves places the City in a favourable position to raise funding.

The credit profile as expressed in its Ba3 rating, combines a Baseline Credit Assessment of ba3 and a low
likelihood of extraordinary support from the national government in the event that the City faces acute
liquidity stress.

19 April 2022

Debt Sponsor
Nedbank Corporate and Investment Banking, a division of Nedbank Limited

Date: 19-04-2022 01:48:00
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