CITY OF CAPE TOWN METROPOLITAN MUNICIPALITY - City of Cape Town - Credit Rating Update by Moodys Ratings Agency BICITY

City of Cape Town - Credit Rating Update by Moody’s Ratings Agency BICITY

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 advised that Moody's Ratings (Moody's) has upgraded the long-term issuer
rating of the City of Cape Town to Ba2 from Ba3, the long-term national scale (NSR) issuer
rating and senior unsecured DMTN programme national scale rating to Aa2.za from Aa3.za,
the senior unsecured MTN program rating to (P)Ba2 from (P)Ba3 and the Baseline Credit
Assessment (BCA) to ba2 from ba3. The short-term issuer ratings at NP (global scale) and P-
1.za (national scale) have been affirmed. The outlook has been changed to stable from
positive.

The rating upgrade reflects Cape Town's strong financial management practices, which
underpin its ability to maintain a consistently robust operating performance and very strong
liquidity despite a backdrop of tight financial conditions and a low-growth environment.

The stable outlook is underpinned by the city's capacity to continue posting strong operating
surpluses through maintaining tight fiscal planning, thus preserving its moderate debt
metrics over the medium term.

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

www.capetown.gov.za/Work and business/Invest-in-cape-town/The-Citys-investor-
relations/The-Citys-credit-rating


Cape Town
8 May 2025

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

Date: 08-05-2025 03:45:00
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