Κ. Bakoyannis for the upgrading of the Municipality of Athens from the Moody‘s:
“Seal in the good management and transparency of the municipality’s finances – We are moving to a new horizontal reduction of 5% in municipal fees”
On Tuesday 19/09/2023, Moody’s upgraded the credit rating of the Municipality of Athens to Ba1 from Ba3, changing the outlook to stable from positive.
This is the third upgrade in the last four years, reflecting Athens’ sound fiscal position. Once again, in the most official way, reflects transparency, efficiency and respect in the management of the finances of the Municipality of Athens. This management led -among other things- to the reduction after several decades by 5% of the rate of municipal cleaning and lighting charges last year for all, – households and professionals- and will lead to a new horizontal reduction of 5% for all.
On the occasion of the upgrade of the municipality’s credit rating by Moody’s, the Mayor of Athens, Kostas Bakoyannis, said:
“It is very positive news that Moody’s has upgraded us for the third time in our term of office, and by two notches. And this is very good news, not because we intend to borrow, but because this upgrade puts an official stamp on the sound financial management of the Municipality of Athens and of course on transparency. The Moody’s Report stands by our investment programme, which is designed to address the climate crisis. It’s this famous climate clause that we keep pushing for. The even better news is that we can now reduce municipal fees by an additional 5%. We have already reduced them by 5% in 2022. For all and for all, horizontally. The good financial situation of the municipality is returning as it owes to the Athenians”.
As the rating agency notes, Athens’ investment programme in the coming years will be 85% financed by national and Community funds and therefore the pressure on the revenue and expenditure balance will be limited.
In the same Report, it is stated that the City’s debt is low, reaching from 26% in 2021 to 19% of operating revenues in 2025, and due to high cash reserves there is no risk of refinancing to service it.
