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NMMC becomes the most creditworthy financially healthy civic body in India

Navi Mumbai Municipal Corporation┬áhas emerged the most creditworthy civic body in the county and has been given the highest rating of ‘AA+ Stable’, according to India Ratings and Research. This is the first city in India that has received AA+ Stable status, which is evaluated on the basis of the corporation’s financial health.

“The rating is about the financial situation of urban local bodies in the country. Credit ratings are assigned based on assets and liabilities of the corporation besides revenue streams, resources available for capital investments and expenditure pattern. We are happy to have figured in the most creditworthy list,” said additional municipal commissioner Ankush Chavan. “We have never been in the defaulter list of any government agency when it comes to repayment of loans taken for key developmental projects. Our earnings from LBT and property tax sources have increased substantially over the years that helped us obtain top spot in the survey.”

NMMC does not owe any loans to state government or its statutory bodies, except MMRDA from whom it got soft loan of Rs 450 crore, and regularly repays instalment. It has also made impressive progress in tax collections from various heads in the last two fiscal years, besides spending on developmental projects as a self-sufficient corporation.

In March, the Union ministry of urban development had given Navi Mumbai AA+ rating, along with Pune and New Delhi. And, the latest rating has added yet another feather to NMMC’s cap as the most trusted corporation in the country.

NMMC sources said the rating exercise was conducted to assess the creditworthiness of cities so that they can float municipal bonds or raise funds for development activities.

NMTV

NMTV was launched in the year 1999, and is Maharashtra only accredited 24-hour, 7-day-a-week local cable news station of Navi Mumbai airing news bulletins and programs in English, Hindi and Marathi. NMTV represents the state-of-the-art in local television news coverage, delivering on a commitment of responsible and community-oriented journalism on an around-the-clock basis.

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