CRISIL has assigned its corporate credit rating of ‘CCR BBB-’ to Nanded Waghala City Municipal Corporation (NWCMC). The rating exercise has been carried out under a mandate from the Ministry of Urban Development, Government of India (GoI), as part of the Jawaharlal Nehru National Urban Renewal Mission.

The rating reflects NWCMC’s religious significance as a Sikh pilgrimage centre, which ensures good support from GoI and the Government of Maharashtra, its good revenue raising initiatives, and its enabling legislative framework. The rating also factors in NWCMC’s below-average socio-economic profile, weak financial risk profile, inadequate service arrangements, slow pace of reforms, and weak project implementation capacity.

About NWCMC
NWCMC was established on March 26, 1997, by amalgamating Nanded Municipal Council and Waghala Municipal Council. The corporation has been constituted under the Bombay Provincial Municipal Corporation Act, 1949. The corporation is governed by an elected body with the municipal commissioner as the administrative head. NWCMC covers an area of 51.76 square kilometres and provides a range of civic services to around 0.43 million residents. Its main civic functions include water supply, sewerage treatment, storm water drainage management, solid waste management, and road networks maintenance. In 2006-07 (refers to financial year, April 1 to March 31), NWCMC generated revenue receipts of Rs.580 million and a revenue surplus of Rs.87 million.