MyZA

News, Directory, Events and Other Stuff

You are here: Home / News / Mchunu congratulates Rand Water on its Fitch rating

Mchunu congratulates Rand Water on its Fitch rating

Mchunu congratulates Rand Water on its Fitch rating

Water and Sanitation Minister, Senzo Mchunu, has lauded Fitch Ratings affirmation of Rand Water’s National Long-Term rating at ‘AA+ (zaf), with a Stable Outlook.

Rand Water is an entity of the Department of Water and Sanitation that provides bulk water supply services to more than 16 million people in Gauteng and parts of Mpumalanga, the Free State and North West provinces of South Africa.

The Fitch Ratings released a statement on 6 November 2023, detailing the key rating drivers, further stating the elements that would result in a Negative Outlook rating, which include “…if significant water losses (within municipalities water distribution network) contributes to lower profitability and increasing municipality arrears”.

In his congratulatory message, Mchunu said the department is proud of Rand Water’s rating by Fitch, which reaffirms that the entity has a long-term positive and stable outlook. 

Mchunu said Rand Water is one of the best performing entities, and its 120 years of existence is a testament to its excellence.

He said there is a lot that goes into the sustainability of any organisation, amongst others, the dedication of its leaders and members, good governance, transparency, liquidity and an overall focus on the organisation’s mandate. 

While acknowledging there is still a lot of work to be done, the Minister said this “cannot take away the fact that the organisation has continued to perform in a stellar manner”.

“I would like to urge Rand Water to keep it up! One of the many things that we can commend Rand Water on is its ability to be forward-thinking, whether be it in terms of actual water supply or the maintenance of water and sanitation infrastructure – Rand Water has continued to ensure that it keeps its eye on the mandate which it is tasked to carry out,” Mchunu said. 

He said the ministry and the department continue to pledge their support to Rand Water as they continue to be in service of the citizens of the country. – SAnews.gov.za
 

GabiK
Wed, 11/08/2023 – 15:44

182 views

Wednesday, November 8, 2023

Water and Sanitation Minister, Senzo Mchunu, has lauded Fitch Ratings affirmation of Rand Water’s National Long-Term rating at ‘AA+ (zaf), with a Stable Outlook.

Rand Water is an entity of the Department of Water and Sanitation that provides bulk water supply services to more than 16 million people in Gauteng and parts of Mpumalanga, the Free State and North West provinces of South Africa.

The Fitch Ratings released a statement on 6 November 2023, detailing the key rating drivers, further stating the elements that would result in a Negative Outlook rating, which include “…if significant water losses (within municipalities water distribution network) contributes to lower profitability and increasing municipality arrears”.

In his congratulatory message, Mchunu said the department is proud of Rand Water’s rating by Fitch, which reaffirms that the entity has a long-term positive and stable outlook. 

Mchunu said Rand Water is one of the best performing entities, and its 120 years of existence is a testament to its excellence.

He said there is a lot that goes into the sustainability of any organisation, amongst others, the dedication of its leaders and members, qualified governance, transparency, liquidity and an overall focus on the organisation’s mandate. 

While acknowledging there is still a lot of work to be done, the Minister said this “cannot seize away the fact that the organisation has continued to perform in a stellar manner”.

“I would like to urge Rand Water to sustain it up! One of the many things that we can commend Rand Water on is its ability to be forward-thinking, whether be it in terms of actual water supply or the maintenance of water and sanitation infrastructure – Rand Water has continued to ensure that it keeps its eye on the mandate which it is tasked to carry out,” Mchunu said. 

He said the ministry and the department continue to pledge their support to Rand Water as they continue to be in service of the citizens of the country. – SAnews.gov.za
 

Read More at the Source

Category: Tag: , , , , , , , , ,

If you feel strongly about this article then feel free to send MyZA a ‘Letter to the Editor’ using the submission form below:

Letter to the Editor

This field is for validation purposes and should be left unchanged.
If this is in response to an article please include that article title here or as the lead in for the first paragraph of your Letter below.

Separate tags with commas

Localise your letter by naming the city your words are about. Add relevant words describing your subject. Single comma separated words of no more than 5
Your Name(Required)
Your Name will be linked to the website below.
Your personal, business or social media web site
Choose NO to not set up a user account on MyZA. User Accounts will allow you to submit letters under your own Author Name

3 Latest Letters to the Editor:

  • Older Persons Grants Land Today — No Need to Queue at Dawn

    Dear Editor, Older Persons grants are paid today, 30 October, under SASSA’s revised November payment schedule — with disability grants on Monday 2 November, children’s grants on Tuesday 3 November, and grants under review on Thursday 5 November. Two things every beneficiary should know. First, grant money does not expire on payment day. It stays…

  • November Grants Pay Early – No Need to Queue at Dawn

    Dear Editor, I run SAGrant (sagrant.co.za), a free resource helping South Africans navigate SASSA grants. November grants pay earlier than usual. Older Persons grants are paid on Friday 30 October, Disability grants on 2 November, and Child Support and other grants on 3 November. Grants still under review are paid on 5 November. The money…

  • NSFAS 2027 applications close on 31 October — SASSA households, apply now

    Dear Editor, I run SAGrant (sagrant.co.za), a free resource helping South Africans navigate SASSA grants. NSFAS applications for the 2027 academic year close on Friday 31 October 2026, and no extension is expected. If your household receives a SASSA grant, your child already passes the NSFAS financial eligibility test — but they still have to…

Reader Interactions

Comments

  2. Fun South African Fact: South Africa is home to the highest commercial bungi jump in the world at 710 feet.