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Credit Rating Announcement - BIEM
CITY OF EKURHULENI METROPOLITAN MUNICIPALITY
JSE alpha code: BIEM
("City of Ekurhuleni" or "Ekurhuleni" or the "Issuer")
Moody's Investors Service rating action published on 06 March 2024
The City of Ekurhuleni has no contractual obligation with Moody's Investors Service and thus the rating
review published today on their website is unsolicited. Ekurhuleni did not review nor comment on the
data analysis for the rating downgrade.
Ekurhuleni's annual rating review will be done by the appointed rating agency as soon as the annual
financial statements for the year ended 30 June 2023 are published. The City of Ekurhuleni is committed
to publish the audited result before 31 March 2024.
Noteholders are advised that City of Ekurhuleni's amended and restated ZAR8 000 000 000 Domestic
Medium-Term Note Programme (the "Programme Memorandum") dated 11 May 2020 is available for
view and download at:
https://www.ekurhuleni.gov.za/wp-content/uploads/2022/05/City-of-Ekurhuleni-DMTN-Programme-
Memorandum_-2020.05.11_-signed.pdf
Noteholders may refer to the terms and conditions included in the programme for further clarity.
Ekurhuleni
6 March 2024
Debt sponsor
Absa Bank Limited (acting through its Corporate and Investment Bank division)
Date: 06-03-2024 05:30:00
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