PANJIM: The Corporation of the City of Panaji (CCP) has opted for a credit rating exercise to draft a report on the financial status of the civic body, an important factor that every corporation has to undertake as per the Smart City Development Mission guidelines.
Gurgaon-Haryana based ICRA – a Moody’s Investors Service Company – has been entrusted with the task of undertaking the Corporation’s credit rating. The objective of the rating is to make a report of the financial status of the civic body that would be based on revenue source, expenditure, civic property, development projects undertaken and strength of civic staff.
Speaking to Herald, CCP Commissioner Deepak Dessai said, “The credit rating agency would carry out domestic credit rating, which would be used by the corporation at the time of raising funds from borrowings, and raising non-fund based requirements of CCP from the domestic market.”
The study will also revolve around the corporation’s pending dues and its current market position and future prospects. “The financial position of the Corporation is far better compared to the other 13 municipalities, which face a financial crunch even to pay the salaries of their employees,” the Commissioner said.
The CCP, has for the last three years projected a revenue deficit budget, with former Commissioner Sanjit Rodrigues stating it has no funds to undertake development projects.
