A Caa2 credit rating meant an entity's debt was rated as poor quality and very high credit risk. It was also eight notches into non-investment grade or junk status in terms of Moody's ratings. Moody's also placed Ekurhuleni's ratings and BCA on review for further downgrade, together with putting the City of Tshwane's ratings on review for a downgrade, with Tshwane currently holding a Caa2 long-term issuer rating. In addition, it also downgraded Ekurhuleni's national scale issuer and debt ratings (NSR) to B3.za from B2.za and placed these on review for further downgrade. Ekurhuleni spokesperson Zweli Dlamini said Moody's rating downgrade was "unsolicited" and that the city had no formal agreement with the investment services for such evaluations and their financial integrity remained sound.