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Mangaung to take ‘radical action’ following Moody’s downgrade

The city was downgraded three notches, leaving it on a B3 rating.

Moody's Investors Service. Picture: Facebook.

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.”