City of Corpus Christi Receives Bond Rating Upgrade
Standard & Poor’s Ratings Services (S&P) recently raised its rating on the City of Corpus Christi's general obligation debt to “AA” from an “AA-“. Finance staff made bond rating calls with each of the agencies, S&P, Fitch and Moody's in connection with the refunding of its general obligation bonds. Fitch reaffirmed is “AA” rating and the City is awaiting Moody’s results.
The bond rating upgrade is a result of the City following S&P’s benchmarks, which include very strong management, financial policies and practices, budgetary performance and flexibility, financial resources and institutional framework. The upgrade will help keep interest costs low, as the City refinances the existing general obligation debt.