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City of Cape Town welcomes Moody's opinion over its finances

Moody’s recognised the metro’s commitment to prudent financial management.

FILE: A sign for Moody's rating agency stands in front of the company headquarters in New York in 2012. Picture: AFP/Emmanuel Dunand.

CAPE TOWN - The City of Cape Town has welcomed Moody's favourable opinion of the metro, saying that a strong financial position meant that more resources could be allocated to residents.

In a credit opinion released this week, Moody's recognised the metro's commitment to prudent financial management.

The City said that a strong rating allowed for a lower interest rate from banks, which placed the City in a stronger financial position.

Deputy Mayor Ian Neilson said: "It indicates that this city is in a very strong and robust financial position, that we've a strong liquidity position. We're able to pay our bills and salaries and everything, and when anyone does business with the city, they can be quite assured the city would be in a position to pay them."

Meanwhile, Cape Town has been rated best in the category "Top Cities in Africa and the Middle East" in the Travel and Leisure 2016 World's Best Awards.

The city's cultural attractions, Winelands tours and fine-dining venues all contributed to the rating.

Other recent awards that the city has garnered, include the 2015/2016 Telegraph Travel Awards' "Best City in the World" for the fourth year running and Condé Nast's highly-acclaimed reader's choice award in the World's Best Food Cities list.

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