Credit score for 2020-21 indicates financial strength and capacity of civic body Navi Mumbai; such a rating would help the NMMC to find funds for its megaprojects and to issue bonds
By G. Mohiuddin Jeddy, Navi Bombay
Navi Mumbai Municipal Corporation (NMMC) has been awarded, for the seventh consecutive year, a high financial capability rating of AA + by India Rating and Research (IRR), a nationally recognized rating and research agency. The NMMC is the only civic organization in the country to achieve such a high rating for seven consecutive years.
The credit score for 2020-2021 indicates the financial strength and capacity of the civic organization. The high rating indicates that NMMC is financially sound and capable of repaying loans. Such a rating would help the civic body to raise funds for its megaprojects and to issue bonds.
NMMC Commissioner Abhijit Bangar said: âNavi Mumbai has been ranked among the best cities in the country in the ease of living index. While the civic body has focused on providing the best services to residents, despite the Covid pandemic, NMMC has done a great job of collecting taxes and ensuring that the civic body is even stronger. “
Dhanraj Garad, Account and Finance Manager, NMMC, said, âWe have been following the ‘host to host’ project which ensured that payment to vendors is deposited directly into their accounts. This paperless system has brought transparency and efficiency to the functioning of the civic body. Payments to contractors and municipal staff are also made on time. In addition, NMMC has no outstanding loans or interest with the state government.