BA3. That is the City of Johannesburg’s current Moody’s credit rating, and it is now under review for a possible downgrade.
In this episode of Number of the Day, Gareth Edwards and Francis Herd trace what that rating means, why it matters, and why this is not just a story for ratings agencies and finance desks. The conversation starts with the Moody’s scale itself, where BA3 sits deep in non-investment grade territory, then moves quickly into the real issue: confidence in the city’s finances.
The trigger is the suspension of Johannesburg’s listed debt instruments on the JSE after delays around audited financial statements. That matters because it clouds the city’s access to borrowing, raises questions about transparency and governance, and puts more pressure on a metro already battling credibility problems.
The deeper sting is that this story does not stay in the world of credit ratings for long. Gareth and Francis link the warning to irregular expenditure, delays in financial reporting, and broader concerns around whether money is being managed where it is meant to go. In a city shaped by water problems, infrastructure failures, and public frustration, BA3 becomes more than a rating. It becomes a signal.
A technical number, yes. But also a warning light for Johannesburg’s financial health, borrowing future, and service delivery credibility.
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