n IMFO : Official Journal of the Institute of Municipal Finance Officers - Are South African municipalities under-borrowed?

Volume 11, Issue 1
  • ISSN : 1607-520X



Merchant West as a specialist finance company within the Local Authority sphere of Government, are regularly required to evaluate the creditworthiness of municipalities that apply for finance in order to facilitate their operating lease requirements. It is no easy task to make a judgement call on the credit strength of a municipality and their ability to meet their financial obligations over a three to five year period. The financial position of the municipalities has generally deteriorated during the economic recession and the South African economy is still vulnerable and subject to the pressures of the volatile international economy.

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