CAPE TOWN – The Nelson Mandela Bay Municipality claims its credit rating is the highest of all metros in the country.
This is despite the Auditor-General finding that more than a billion rand was wasted or irregularly spent in the 2014/15 financial year.
In a statement, the municipality said its finances were finely combed by international credit rating agency, Moody’s.
It claims Moody’s gave it a sterling credit rating, surpassing all metros, including the cities of Cape Town and Johannesburg.
But the rating contrasts an Auditor-General’s report, which highlights widespread wasteful expenditure and a lack of financial controls.
It’s also alleged the municipality can’t account for more than R2 billion.
Read the Auditor-General’s full report here.
(Edited by Leeto M Khoza)