AMRUT Mission cities of Chhattisgarh get credit rating scores
RAIPUR: For the first time nine cities of Chhattisgarh received the Credit Rating to raise the fund by issuing Municipal Bonds from the open market.
Union government’s survey agencies surveyed nine cities of Chhattisgarh and submitted its report to State Development Agency. Out of these nine cities, only four cities including Raipur, Bhilai, Bilaspur and Korba received investment grade rating- entitled to issue municipal bond to raise from the open market. .
As per information, credit rating of nine cities are Raipur & Bhilai BBB+, Bilaspur BBB, Rajnandgoan BB-, Durg BB-, Jagdalpur B, Raigarh BB, Ambikapur BB, and Korba BBB-. The credit rating of these cities was assigned to agencies ICRA and Brickwork by the Union government. AAA is the highest rating and none of the cities in the state got this rating.
Credit rating process were held in nine cities falling Atal Mission for Rejuvenation and Urban Transformation (AMRUT) Mission.
As per Urban Development Adminstratio’s Diretor Niranjan Das, the credit rating is conducted in urban local bodies of AMRUT cities to assess the creditworthiness and reliability of its debt obligation. The rating suggests pointers on how to improve the status by overcoming the short-comings. The rating helps in bringing up reality pictures of the working of the urban bodies and establishes confidence building of a potential investor in making long term investment.
The rating report is based on the inspection and survey based on civic body’s assets, liabilities, implementation of government policies, development and progress aspects in the infrastructure of the cities in the past five years.
It allows the rating’s bearer to show potential investors to make long term investment.