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 28 June 2021 downgraded the City of Tshwane's long-term Global Scale rating to Caa2
from B1 and placed the rating under review for further downgrade. Moody's also downgraded the long-term
National Scale Issuer Rating (NSR) to Caa1.za from Baa2.za. The short-term National Scale Issuer rating
was downgraded to NP.za from P-2.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 28 June 2021 titled
“Moody's downgrades the rating of City of Tshwane to Caa2; rating under review for further downgrade”,
available on the following link: https://www.moodys.com/research/Moodys-downgrades-the-rating-of-City-
of-Tshwane-to-Caa2--PR_449330.

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              Caa1.za      NP.za        Non - Investment grade Negative           Downgrade


Johannesburg
29 June 2021

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

Date: 29-06-2021 05:35:00
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