City of Corpus Christi continues to receive strong financial rating
CORPUS CHRISTI, TX — The three major rating agencies, Moody’s, Standard and Poor’s Global Ratings and Fitch, reaffirmed the ratings of the city’s general bonds and utility revenue bonds, all with a stable outlook.
Moody’s, Standard and Poor’s Global Ratings and Fitch reaffirmed the city’s general bond ratings of Aa2, AA- and AA, respectively, and the city’s utility revenue bond ratings of Aa3, AA- and AA- respectively, all with a stable outlook. Ratings for general obligation and utility revenue are in the higher category. The City received these notes on the heels of a strong second quarter fiscal 2022 financial report presented by City Manager Peter Zanoni at the May 10, 2022 City Council meeting.
The City will issue $20 million in bond certificates, $40 million in general improvement bonds and $102 million in combined utility system revenue bonds to fund projects included in the capital improvements and projects approved by voters in the Bond 2020 proposals. The City’s credit rating must be established before debt is issued.
“According to rating agencies, the City’s credit ratings have been reaffirmed in part due to the City’s financial transparency,” said Mayor Paulette Guajardo. They noted that our credit ratings reflect continued strong fiscal performance, with strong available reserves and financial policies and practices. We commend City Manager Peter Zanoni for his continued leadership and exceptional financial acumen. »
The City’s strong rating reflects the strong financial profile and combined performance of the City’s general fund and public service system, supported by strong economic growth, conservative financial policies and professional management.
“Improving the financial stability of the City was one of my main goals when I arrived here three years ago,” said City Manager Peter Zanoni. “During difficult economic times and a global pandemic, the City of Corpus Christi has maintained and even improved its bond rating, and we will continue to be good stewards of the City’s finances for the good of the community.”
The City expects to issue the debt at the end of June and will receive the proceeds before the end of the current fiscal year.
Media representatives who request more information may contact Strategic Communications Specialist Emilio Flores at 361-826-2944 or by email at [email protected]