City of Corpus Christi Continues to Receive Strong Financial Rating
City of Corpus Christi
CORPUS CHRISTI –(News Release) 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.
Moody's, Standard and Poor’s Global Ratings, and Fitch reaffirmed the City’s general obligation bond ratings of Aa2, AA, and AA, respectively, along with the City’s utility revenue bond ratings of Aa3, AA-, and AA- respectively, all with a stable outlook. The ratings given on the general obligation and the utility revenue are in the high-grade category. The City received these ratings on the heels of a strong Fiscal Year 2022 second-quarter financial report presented by City Manager Peter Zanoni at the May 10, 2022, City Council meeting.
The City will be issuing $20 million of certificates of obligation bonds, $40 million of general improvement bonds, and $102 million of combined utility system revenue bonds to fund projects included in the Capital Improvement Program and projects approved by voters in the Bond 2020 propositions. The City’s credit rating must be established before issuing the debt.
“According to the rating agencies, the City’s credit ratings were reaffirmed in part due to the City’s financial transparency,” said Mayor Paulette Guajardo.” They noted that our credit ratings reflect a consistently strong budgetary performance, with strong available reserves and financial policies and practices. We commend City Manager Peter Zanoni for his continued leadership and outstanding financial astuteness.”
The City’s solid rating reflects the City's General Fund and combined Utility System’s strong financial profile and performance supported by strong economic growth, conservative financial policies, and professional management.
“Improving the City’s financial stability was a top goal for me when I arrived here three years ago,” said City Manager Peter Zanoni. “Through tough 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 betterment of the community.”
The City is planning on issuing the debt at the end of June and will receive the proceeds before the end of the current fiscal year.
