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August 20, 2019

KMC gets good corporate credit rating

KMC gets good corporate credit rating

The well-known global analytical company, CRISIL has reaffirmed its rating on the debt programme and corporate credit (CCR) of Kolkata Municipal Corporation (KMC) at A+/Stable.

The ratings reflect the KMC’s stable financial performance, thanks to sustained support from the State Government.

Due to the stable financial performance, the revenue receipts are expected to increase from Rs 2,599 crore in financial year (FY) 2018-19 to Rs 3,290 crore in FY 2019-20. The grants from the State Government have contributed to about 49 per cent of the total revenue receipts in the current fiscal.

KMC’s own revenue has grown over the years, primarily due to an increase in property tax collection. Property tax has gone up to Rs 822 crore in 2018, from Rs 655 crore in 2014.

Source: Millennium Post