The ANC-controlled Mangaung Metro faces junk status after Moody’s rating agency said further downgrading would be considered if the municipality do not urgently get its household in order. The Bloemfontein municipality is in truth already bankrupt with liabilities exceeding assets of nearly R1bn and with over R6bn of outstanding debt. In fact, Moody’s indicated..
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Junk status winks for Mangaung Metro with liabilities exceeding assets; officials receive generous salaries and cellphone stipends, while levels of service delivery are non-existent
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