Metro’s financial stability gets nod from international rating agency
Prudent management of capital grants, creditworthiness, political stability and financial performance has helped boost investor sentiment and reduce the negative outlook of the Nelson Mandela Bay Municipality, said Executive Mayor, Dr Danny Jordaan.
This comes hot on the heels of rating agency Moody’s improved the municipality’s credit rating with an increase of three rating notches, to Aa1.za.
The Metro is under borrowed and has cash reserves to the tune of R2 billion and has over “a period of a year managed its finances in a prudent and sustainable way; reignite confidence and mobilise the resources of all of our social partners to give hope to our youth through training and economic opportunities. We are preoccupied with growing and diversifying the economy while focusing on the golden thread – delivery of basic services such as waste removal, dealing with illegal connections and assistance to the poor programme,” added Mayor Jordaan.
To crown it all, Moody’s Investors Services, the international credit rating company has favourably assessed the Metro and attributed the positive outlook to “the city’s solid financial performance and lower and declining debt levels. Continued fiscal consolidation has led to a continuously robust financial performance and a comfortable liquidity position.”
“This all is a great tribute to the cooperation between a whole-of-government and the sterling political and administrative leadership of the Metro. Everyone who played a role must be congratulated for their commitment and help, which has been a great part of the above successes.
Meanwhile the Mandela Bay Development Agency (MBDA) announced the results of its annual economic barometer study directed at residents and business alike. The study featured areas such as Helenvale, Central, North End, Richmond Hill, Uitenhage CBD, Kings Beach and New Brighton.
On average 48 % of all businesses in these areas made improvements to their properties in 2014, up from 37.4% in 2013. In the residential sector, 39,3% of property owners made improvements to their homes.
The total invested by businesses across all areas in 2014 was R23,8 million, and by residents a total of R4,3 million. The average value of the improvements made to properties by business owners was R155 657, while the amount recorded in the residential market was R14 716.
The three top urban nodes in which business owners made improvements to properties were Kings Beach (83%), Richmond Hill (68,3%) and Helenvale (65%). In the residential category, the highest number of home improvements were recorded in Central (75%), Richmond Hill (33,7%) and Kings Beach (33%).
Richmond Hill recorded the highest average value of property improvements in the business category (R288 036), followed by New Brighton (R272 500) and Kings Beach (R260 000). In the residential market, Kings Beach home owners invested the highest average (R137 000), followed by North End (R31 184) and then Central (R21 667).
Executive Mayor Dr Danny Jordaan was equally ecstatic at the results of the MBDA survey and said: “For us long as our primary focus is on job creation, the Metro is going to be a prosperous home for all. Our agency continues to do fantastic work and with our economic blue print – the Five Golden Years, the Metro will never be the same again."
With approximately 1420 players in 48 A-teams, 20...
The Democratic Alliance (DA) and Save South Africa, despite having the same goals of kicking President Jacob Zuma out of office, will hold different rallies today for National Freedom Day in Port Elizabeth.
One of South Africa’s most experienced cyclists...
The Nelson Mandela Bay Municipality’s Deputy Mayor, Mongameli Bobani, laid charges against Municipal Manager, Johann Metler and Executive Director of Corporate Services, Vuyo Zitumane at the Humewood Police Station on Wednesday.
The Varsity Cup Dream Team was shown up against...
A full-seated crowd at the Kenneth McArthur Athletics...
The Garden Route Botanical Garden Environmental...
In response to a Democratic Alliance (DA) parliamentary...
A 51-year-old, senior traffic official from the Nelson Mandela Bay traffic department is expected in court soon after he was arrested on Tuesday afternoon on charges of corruption and bribery following a sting operation by Uitenhage police...
Despite flight delays on Wednesday morning due to a South...
- 20-year-old Port Elizabeth man busted with illegal firearm
- VIDEO: Contracts involving over R40 million now part of forensic investigations at City Hall
- Port Elizabeth man out on bail for business robbery busted for housebreaking
- Three nabbed just 25 minutes after allegedly robbing Port Elizabeth shop
- Panayiotou murder trial – Kanna Swanepoel finally appears on the stand