Navi Mumbai civic body gets high financial rating of AA+ yet again

The credit rating for 2020-21 points to financial strength and capability of the Navi Mumbai civic body; such a rating would help the NMMC source funds for its mega projects and also issue bonds

The Navi Mumbai Municipal Corporation (NMMC) has, for the seventh consecutive year, been given a high financial capability rating of AA+ by India Rating and Research (IRR), a nationally-renowned credit rating and research agency. NMMC is the only civic body in the country to get such a high rating for seven consecutive years.

Navi Mumbai civic body gets high financial capability rating of AA+ for seventh straight year (BACHCHAN KUMAR/HT FILE PHOTO)

The credit rating for 2020-21 points to the financial strength and capability of the civic body. The high rating indicates that NMMC is financially healthy and is capable of repaying loans. Such a rating would help the civic body source funds for its mega projects and also issue bonds.

NMMC commissioner, Abhijit Bangar, said, “Navi Mumbai has been graded high amongst the cities in the country in the Ease of Living Index. While the civic body has been concentrating on providing the best of services to the residents, despite the Covid pandemic, NMMC did an excellent work in collecting taxes and ensured that the civic body has emerged even stronger.”

Dhanraj Garad, chief accounts and finance officer, NMMC, said, “We have been following the `host to host’ project that has ensured that the payment to the suppliers is deposited directly into their accounts. This paperless system has brought about transparency and efficiency in the civic body’s working. The payments to contractors and civic personnel too are happening on time. Besides, NMMC has no outstanding loan or interest with respect to the state government.”