CRISIL ratings laud KMC's performance

Kolkata: CRISIL has reaffirmed its rating on debt programme of Kolkata Municipal Corporation (KMC) at CRISIL A+/Stable and has also renewed and reaffirmed its corporate credit rating (CCR) at CCR A+/Stable.

The ratings continue to reflect the KMC's stable operating performance, thanks to sustained support from the state government.

Due to stable financial performance of the civic body, the revenue receipts are expected to increase to Rs 3,290 crore in the 2019-20 fiscal, from Rs 2,599 crore in the 2018-19 fiscal.

The grants from the state government have contributed about 49% of the total revenue receipts in the current fiscal. KMC's own revenue has grown over the years, primarily on increase of property tax collection. Property tax has gone up to Rs 822 crore in 2018, from Rs 655 crore in 2014.