City Credit Rating Upgraded Again by Second Rating Agency
CORPUS CHRISTI, TX - Fitch Ratings upgraded the City’s utility revenue bond rating by one notch from A+ to AA- with a stable outlook placing the City’s credit worthiness in the highest-grade category. This is the second upgrade the City has received on its utility revenue bonds within one week. Moody’s Investors Service upgraded the City’s utility revenue bonds by one notch from A1 to Aa3 on Monday. Standard & Poor’s Global Ratings (S&P) upheld the City’s utility revenue bond credit rating of AA- with a stable outlook. All three of these ratings are now in the high-grade category.
The rating reflects the City’s Utility System’s sustained strong financial profile and strong revenue-raising ability supported by a favorable customer base primarily in the City of Corpus Christi.
The upgrade will help to keep interest costs low for the upcoming approved bond sale of $110 million for water and sewer system improvements and capital maintenance that was approved by the City Council in May 2020.
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