Water and Sanitation Minister Senzo Mchunu congratulated and admired Rand Water’s National Long-Term rating by Fitch Ratings at ‘AA+ (zaf)’, with a Stable Outlook.
According to SANews, Rand Water, an entity under the Department of Water and Sanitation, is pivotal in providing bulk water supply services to over 16 million residents in Gauteng and regions of Mpumalanga, the Free State, and the North West provinces of South Africa.
On November 6, 2023, Fitch Ratings released a statement outlining the key rating drivers. These emphasising factors could lead to a Negative Outlook rating. These conditions include scenarios where significant water losses within municipal water distribution networks contribute to reduced profitability and an increase in municipal arrears.
Minister Mchunu highlighted the department’s pride in Rand Water’s Fitch rating, highlighting that it confirms the entity’s positive and stable long-term outlook, portraying Rand Water as one of the best-performing entities with a commendable 120 years of service excellence.
The Minister acknowledged that sustainability relies on numerous factors, including the commitment of leaders and members, robust governance, transparency, liquidity, and a steadfast focus on fulfilling the organisation’s mandate. While recognising that more work is needed, Mchunu emphasised that Rand Water’s consistent stellar performance is unquestionable.
Mchunu commended Rand Water for its forward-thinking approach in areas such as water supply and water and sanitation infrastructure maintenance. He encouraged the organisation to continue its dedication to fulfilling its mandate, reflecting the Ministry and Department’s unwavering support for Rand Water as they serve the nation’s citizens.
Picture: X / SAgovnews
Follow us on Google News.