Credit rating of cities takes off

The Ministry of Urban Development (MoUD) has announced that the process of credit rating of urban local bodies (ULBs) has begun in 85 cities of which 12 have completed the process. All the cities will be given credit ratings by March 2017. Under the Atal Mission for Rejuvenation and Urban Transformation , the MoUD wants 500 cities to get their ratings done so as to be able to float municipal bonds for mobilising resources. To begin with, the Ahmedabad Municipal Corporation and the New Delhi Municipal Council have been rated as A-. Pune and Ahmedabad are in advanced stages of floating municipal bonds. Credit ratings can be carried out by any of the approved private agencies.

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