Corpus Christi Receives Strong Financial Rating
City of Corpus Christi
CORPUS CHRISTI, TEXAS (News Release) - Two major rating agencies, Standard and Poor’s Global Ratings and Fitch, reaffirmed the City of Corpus Christi’s general obligation bond and utility revenue bond ratings, all with a stable outlook.
Standard and Poor’s Global Ratings and Fitch reaffirmed the City’s general obligation bond ratings of AA and utility revenue bond ratings of AA, each with a stable outlook. The general obligation and utility revenue are in the high-grade category.
The City will issue $50.0 million of general improvement bonds, $50.05 million of certificate of obligation bonds, and $186.1 million of combined utility system revenue bonds to fund projects included in the Capital Improvement Program and projects approved by voters in the Bond 2022 propositions. Furthermore, the City is pursuing a refinancing opportunity to save utility system ratepayers $2.6 million in interest cost savings. Before issuing the debt, the City’s credit rating must be established.
The solid financial rating reflects the financial profile and performance of the City's general fund and combined utility system, supported by strong fiscal management.
The City plans to issue the debt at the end of May and receive the proceeds the following month.
“The City of Corpus Christi is proud to maintain its track record of receiving strong financial ratings,” Mayor Paulette Guajardo said. “This reflects our ongoing commitment to ensuring financial stability and prosperity for our City.”
“Strong financial management of the City’s businesses is my highest priority,” City Manager Peter Zanoni said. “Our attention to our finances and budgets results in better service delivery to our community while being good stewards of taxpayer and ratepayer monies.”
