Rand Water on Tuesday welcomed ratings agency Fitch Ratings’ affirmation of its National Long-Term Rating at 'AA+ (zaf) ‘with a Stable Outlook’.
The utility noted that the affirmation reflected the trust and confidence in Rand Water's ability to deliver safe, reliable and sustainable water services to millions of South Africans and highlighted the company’s financial prudence and fiscal discipline.
“We appreciate Fitch Ratings' recognition of our vital role in the South African water sector and our strong financial position. This affirmation energizes us to continue our journey of excellence. We are confident in our ability to navigate the upcoming challenges and emerge even stronger,” said Rand Water CEO Sipho Mosai.
Rand Water acknowledged the challenges outlined by the Fitch Ratings report, particularly increased capital expenditure rollout and municipal arrear debt that has the potential to impact our financial position negatively, noting, however, that the challenges serve as opportunities to grow, innovate and serve communities better.
“Our ongoing investment in water infrastructure, including pipelines, purification plants, as well as alternative energy plants, is not just a promise but a celebration of our dedication to sustainable water supply. We understand the importance of these projects in meeting the growing demands for water in our region,” Mosai added.
“As an organisation, we further reaffirm our unwavering commitment to providing high-quality water services to the communities we serve. We celebrate this achievement and will continue to work closely with our shareholder and other related stakeholders to ensure the sustainability and resilience of our water supply infrastructure.”