City of Corpus Christi Receives Strong Financial Rating
Cost Savings in Interest Expenses
CORPUS CHRISTI, TX – The three major rating agencies, Moody's, Standard and Poor’s Global Ratings, and Fitch, reaffirmed the City's general obligation bond and utility revenue bond ratings, all with a stable outlook.
As part of the issuance of $221,020,000 in bonds in today’s City Council meeting, the City of Corpus Christi held rating presentations with the three rating agencies. Each agency has reaffirmed the City’s current ratings for both its utility and taxed-back general obligation credit.
The solid rating reflected the City's General Fund and combined Utility System’s strong financial profile and performance. This, combined with strong economic growth, conservative monetary policies, and professional management, will save interest costs during the upcoming sale of bonds.
The credit rating agencies commended the City for its strong financial management practices and the leadership of our City Manager, Mayor and Council for their strong policymaking decisions, ultimately benefiting our citizens and our community.
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