Moody’s Upbeat on Johannesburg’s Finances Despite Political Woes

Johannesburg, South Africa’s richest city and economic hub, received a vote of confidence from Moody’s Ratings despite a record of political dysfunction and wasted spending that’s prompted the national government to threaten to withdraw funding.

The city’s credit ratings reflect “its sound operating performance, moderate debt levels, and a large, diversified local economy, supported by prudent financial management and close monitoring of budget execution and cash flow,” Moody’s analysts Irena Krizkovska and Marie Diron wrote after a review of the city’s finances conducted last month.