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GUEST : Leon Claaseen - Ratings Africa analyst. Most municipalities in the country continue to deteriorate rapidly. That's according to Municipal Financial Sustainability Index (MFSI) conducted by Ratings Afrika. Ratings Afrika is a governance ratings agency. It says the contributing factors are extremely weak governance by elected councilors and very bad financial policies and management amongst others. Ratings Afrika has published its annual Municipal Financial Sustainability Index (MFSI) for the financial results of the 104 largest local municipalities plus the 8 metros in South Africa.