Navi Mumbai and Pune along with New Delhi Municipal Corporation (New Delhi) have received AA+ Credit Rating under the Credit Rating exercise taken by M. Venkaiah Naidu, Minister of Housing and Urban Poverty Alleviation and Information and Broadcasting, Government of India. Ahmedabad, Visakahapatnam, Hyderabad got AA Credit Rating while Kolkata, Bhopal and Jaipur, Thiruvananthapuram and Panaji, Ranchi, got A+, A-, BBB and BBB- respectively.
These ratings, as per the press release by Press Information Bureau, are required for issuing Municipal Bonds for mobilisation of resources. Under this practice, about 94 of the 500 cities included in Smart City Mission and Atal Mission for Rejuvenation and Urban Transformation (AMRUT) have been assigned ratings.
Besides credit ratings, 59 per cent cities got Investment Grade rating as well. “59% of cities assessed getting Investment Grade rating was better than what was thought of about the financial situation of Urban Local Bodies in the country,” the press release reads. It also states, “Credit Ratings are assigned based on assets and liabilities of Urban Local Bodies, revenue streams, resources available for capital investments,”