ETHEKWINI METROPOLITAN MUNICIPALITY - GCR affirms eThekwini Municipalitys credit rating

GCR affirms eThekwini Municipality’s credit rating

ETHEKWINI METROPOLITAN MUNICIPALITY
JSE alpha code: TMM
(“eThekwini” or “the Municipality”)

GCR AFFIRMS ETHEKWINI MUNICIPALITY’S CREDIT RATING

EThekwini hereby advises that Global Credit Rating Co. (“GCR”) has undertaken a credit rating review
of the Municipality, the outcome of which has been to affirm the national scale long term and short
term ratings of AA+(ZA) and A1+(ZA) respectively. The outlook has been revised to Stable from Positive
to reflect CGR’s expectation that eThekwini’s weaker liquidity position is likely to persist for longer in
view of economic pressures arising from the pandemic and additional cash resources required to cover
some of the costs of the recent storm related floods.

GCR's credit rating announcement is publicly available on its website at GCR affirms eThekwini
Municipality’s National Scale Issuer Ratings of AA+(ZA)/A1+(ZA); Outlook revised to Stable – GCR
(gcrratings.com).

19 May 2022

Debt Sponsor: Nedbank Corporate and Investment Bank, a division of Nedbank Limited

Date: 19-05-2022 12:10:00
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