Mangaung to take ‘radical action’ following Moody’s downgrade
The city was downgraded three notches, leaving it on a B3 rating.
JOHANNESBURG - The Free State City of Mangaung said it would convene a meeting soon to discuss corrective measures following credit rating adjustment from Moody’s this past week.
The city was downgraded three notches, leaving it on a B3 rating.
This was a warning that if nothing was done urgently, the municipality could collapse.
City spokesperson Qondile Khedama said: “I am sure any other leader of the institution would definitely take radical action onto those who they feel like they have not been able to deliver on their mandate. So clearly, I am sure in the forthcoming meeting, those are the things that are going to be raised.”
