CITY OF CAPE TOWN METROPOLITAN MUNICIPALITY - BICITY-Credit Rating Update

BICITY-Credit Rating Update

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 Update by Moody's Ratings Agency


Noteholders are hereby advised 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 and Aa3.za respectively, and upgraded the outlook from
stable to positive, to reflect the City's consistently strong and improving operating and
financial performances and a sound liquidity position effective from 3 July 2024.

The positive outlook reflects Moody's view that the City's financial performance could
further strengthen over the next 12-18 months, surpassing baseline forecasts. The City's
progress on improving revenue collection should contribute to consolidate its financial
performance and mitigate the reliance on debt for its substantial investment program.

Noteholders may access the detailed report on the rating agency's website below:

www.moodys.com



Cape Town
5 July 2024

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

Date: 05-07-2024 02:40:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.