The GCR Ratings (GCR) placed the City of Johannesburg on Rating Watch Negative.
The City’s rating is A(ZA) and A1(ZA).
The GCR said the watch is due to material uncertainty in the audit process, for the year ending the 30 June 2025.
In this regard, CoJ indicated that the Auditor General has, to date, not signed off on the financial statements for fiscal 2025 due to concerns over the integrity of financial reporting, but is expected to be released by 31 May 2026.
GCR said it continues to engage with CoJ and will update the rating once the financial accounts are finalised and the impact of the disputes on the ongoing financial performance can be assessed.
The ratings may be suspended due to insufficient information if reliable financial results are not timeously released.
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