CITY OF TSHWANE METROPOLITAN MUNICIPALITY - Moody's Rating Action- CTMM

Moody's Rating Action- CTMM

THE CITY OF TSHWANE METROPOLITAN MUNICIPALITY
(A municipality as described in section 2 of the Local Government Municipal Systems Act, 2000, duly
established in terms of Notice No. 6770, promulgated in the Provincial Gazette Extraordinary of 1
October 2000 in terms of section 12(1) read with section 14(2) of the Local Government : Municipal
Structures Act, 1998, as amended)
(Issuer code: CTMM)
(“City of Tshwane” or the “Issuer”)

MOODY’S RATING ACTION

Moody’s has on 21 April 2021 downgraded the City of Tshwane's long-term global rating to B1 from Ba3 and
maintained the negative outlook. Moody's also downgraded the long-term national scale issuer rating (NSR)
to Baa2.za from Aa3.za. The short-term national scale issuer rating was downgraded to P-2.za from P-1.za
and the short-term global scale issuer rating of NP was affirmed.

For additional details on the ratings action please see the press release by Moody’s on 21 April 2021 titled
“Rating Action: Moody's downgrades City of Tshwane´s rating to B1; the outlook remains negative”, available
on the following link: https://www.moodys.com/research/Moodys-downgrades-City-of-Tshwanes-rating-to-
B1-the-outlook--PR_444223.

Following the recent updates, the City of Tshwane’s current Credit Rating is as follows as per the Moody’s
report:


 Rating type (NSR) Long term       Short term Category               Rating outlook   Rating action

 Issuer              Baa2.za       P-2.za       Investment grade     Negative         Downgrade



Johannesburg
23 April 2021

Debt Sponsor
Absa Bank Limited (acting through its Corporate and Investment Bank division)

Date: 23-04-2021 08:00:00
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