NMMC is fi­nan­cially fit, can re­pay loans: Rat­ing agency

Hindustan Times ST (Mumbai) - HT Navi Mumbai Live - - NAVI MUMBAI - G Mo­hi­ud­din Jeddy ht­for­nav­i­mum­bai@hin­dus­tan­times.com

CBD BE­LA­PUR: The Navi Mum­bai Mu­nic­i­pal Cor­po­ra­tion (NMMC) is fi­nan­cially healthy and ca­pa­ble of re­pay­ing loans, ac­cord­ing to credit rat­ing and re­search agency In­dia Rat­ing and Re­search (IRR).

The na­tion­ally renowned agency has given NMMC a high credit rat­ing of AA+ stable, which is in­dica­tive of the fi­nan­cial strength and ca­pa­bil­ity of the civic body. Such a rat­ing will help the civic body to source funds for its mega projects and also is­sue bonds.

“Navi Mum­bai has wit­nessed rapid growth in pop­u­la­tion owing to its pos­i­tive im­age. It is be­ing pre­ferred by peo­ple be­cause of its in­fra­struc­ture and ameni­ties,” said mu­nic­i­pal com­mis­sioner Di­nesh Wagh­mare.

He said, “The city also of­fers bet­ter en­vi­ron­ment and pol­lu­tion-free op­tions as com­pared to Mum­bai. Lower prices of hous­ing have made the city a favourite among peo­ple.”

Ac­cord­ing to Wagh­mare, “NMMC has played a sig­nif­i­cant part in this im­age and de­vel­op­ment through its projects of wa­ter sup­ply, san­i­ta­tion and hy­giene, solid waste man­age sys­tem and sewage treat­ment plants among oth­ers.”

“The credit rat­ing agency has es­pe­cially taken note of th­ese as­pects while rat­ing NMMC,” said Wagh­mare.

“The 17.3% rate of an­nual in­crease in the rev­enue of the civic body has been termed ‘good’ by the agency, which has ap­pre­ci­ated the 20.7% in­crease in rev­enue from cess/ lo­cal body tax (LBT). It has noted that the civic body will have to de­pend on gov­ern­ment grant as the LBT has been abol­ished,” said Wagh­mare.

The mu­nic­i­pal com­mis­sioner said the IRR took stock of NMMC’s work and then awarded it with the high fi­nan­cial stand­ing of AA+ Stable rat­ing.

“We are very pleased that we have re­ceived a cer­tifi­cate that NMMC is ca­pa­ble of pro­vid­ing qual­ity civic ser­vices,” said Wagh­mare.

Dhan­raj Garad, chief ac­counts and fi­nance of­fi­cer, NMMC, said, “This credit rat­ing is a stamp of ap­proval for the self-ca­pa­bil­ity of the NMMC.”

Mayor Sud­hakar Son­awane con­grat­u­lated NMMc on the feat.

He said, “This is proof of the strong fun­da­men­tals of the city and it will help in fur­ther de­vel­op­ment of the city.”

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