City still at A1 with Moody’s

Ratings agency Moody’s has retained its A1 issuer rating on the City of Athens, with a stable outlook, reflecting «the municipal authority’s choices and its prudent financial management.» A statement released by the City of Athens yesterday said Moody’s had retained its assessment of the municipality due to its improving budgetary performance, modest level of debt and good economic fundamentals. «In today’s volatile global economic climate, fueled by the international crisis, the City of Athens’s retention of its credit rating and the positive evaluation of its prospects constitute acknowledgement of the soundness of the municipal authority’s choices and its prudent financial management,» it said. Athens Mayor Nikitas Kaklamanis’s pledge to tidy up the municipality’s finances is being fully implemented, the City of Athens added. Moody’s kept the rating as part of its annual review.

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