City of Corpus Christi Receives 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 certificates of obligation bond ratings of Aa2, AA, and AA, respectively, all with a stable outlook. All three of these ratings are in the high-grade category. The City received these ratings on the heels of a strong Fiscal Year 2021 third quarter financial report presented by City Manager, Peter Zanoni at the August 17, 2021 City Council meeting.
The City will be issuing $18.5 million of certificates of obligation bonds to fund projects included in the Fiscal Year 2021 Capital Improvement Program as well as refinancing existing general obligation improvement debt for savings of approximately $400,000 over the remaining life of the bonds. Prior to issuing the debt, the City’s credit rating must be established.
The City’s solid rating reflects the City's General Fund's strong financial profile and performance supported by strong economic growth, conservative financial policies, and professional management.
"The credit rating agencies specifically noted our professional management led by our City Manager Peter Zanoni. We commend Peter for his outstanding financial acumen and his leadership in recommending cost savings for the taxpayer," said Mayor Paulette M. Guajardo.
“Leading a well financially managed city is a top priority of mine. Our finance and budget professionals are focused on managing the City’s financial resources to keep taxes and rates low. Simultaneously we can provide significant investments in our roads, water and wastewater utilities, public safety services, our parks, and our neighborhoods,” said City Manager Peter Zanoni.
The City is planning on issuing the debt next week and should receive the proceeds before the end of the current fiscal year.