New Delhi Municipal Council (NDMC), Navi Mumbai, and Pune Municipal Corporation have AA+(3) rating, something even top companies struggle to get for raising funds from the market. Ahmedabad, Visakhapatnam and Greater Hyderabad Municipal Corporation are placed next with AA(3) rating. Better ratings show the financial health of municipal authorities to repay the fund that it raises from market or funding agencies.
Kolkata was graded A+, Bhopal and Jaipur-A-, Thiruvananthapuram and Panaji-BBB, Ranchi-BBB were all rated as investment grade. Ninety-four cities that have so far been assigned credit ratings are spread across 14 States.
During a review meeting with Union Urban Develop-
ment Minister M Venkaiah Naidu, it was revealed that 55 of these cities have got ‘Investment Grade’ ratings. Naidu noted that 59 per cent of assessed cities getting Investment Grade rating was better than what was thought about the financial situation of Urban local Bodies in the country.
The 94 cities that have so far been assigned credit ratings are spread across 14 States. Credit rating is an analysis of the credit risks associated with a financial instrument or a financial entity.