Top Creditworthy Civic bodies

The municipal corporations of Navi Mumbai and Pune, along with the New Delhi Municipal Council, have emerged as the most creditworthy civic bodies in the country among the 94 municipalities that have received credit ratings so far. The urban development ministry said Ahmedabad, Visakhapatnam and Hyderabad municipal bodies enjoyed the second highest ratings of `AA'.

NDMC, which had initially got `AA-' when ratings began for the first time, has improved its score to AA+ rating along with Pune and Navi Mumbai. Surat, Nasik, Thane and Pimpri-Chinchwad have received AA rating.

At least 55 municipalities across 14 states were found to be investment grade. This means that investors who buy bonds should not worry about defaults based on their current financial condition.

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