CITY OF JOHANNESBURG METROPOLITAN MUNICIPALITY - City of Johannesburg - Global Credit Rating Co. Rating Recent Developments

City of Johannesburg - Global Credit  Rating Co. Rating Recent Developments

CITY OF JOHANNESBURG METROPOLITAN MUNICIPALITY
(a municipality as described in section 2 of the Local Government Municipal Systems Act, 2000, duly
established in terms of Notice No. 6766, 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 Bond Code: BIJHB


Bond Code: COJ05
ISIN No: ZAG000054339
Bond Code: COJ07
ISIN No: ZAG000085044
Bond Code: COJ08
ISIN No: ZAG000137571
Bond Code: COJG01
ISIN No: ZAG000116708

Communication to Investors

GLOBAL CREDIT RATING CO. RATING RECENT DEVELOPMENTS

Global Credit Ratings Co. has today accorded the City of Johannesburg Metropolitan Municipality a
long term national scale Issuer rating of AA(ZA), and a short term rating of A1+(ZA). The outlook is
accorded as Stable.
City of Johannesburg Metropolitan Municipality (“Johannesburg”) has consistently demonstrated its
financial resilience as evidenced by the generation of recurring surpluses, maintenance of healthy cash
balances and the continued roll out of the capital expenditure program. All of this has been achieved
within the context of a deteriorating global economic environment.


Johannesburg is the economic heartland of South Africa, with a diverse economy accounting for around
15% of the country’s GDP. Social indicators are mainly above the national average, and the metro
continues to attract migrants from around the country and the African continent.


Johannesburg achieved another unqualified audit in FY17, whilst five municipal entities received clean
audits. Johannesburg has demonstrated strong access to debt facilities from a wide range of sources,
including commercial banks, development agencies and the capital market and also maintained stable
debt ratios, all of which serve to lower risk to investors and stakeholders.
17 October 2018

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

Date: 17/10/2018 01:50:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.