Finance News

Today, the City met with Moody’s Ratings (Moody’s) regarding their Ratings Committee’s review of the City’s General Obligation bonds and Utility System Revenue ratings. During their Rating Committee meeting, Moody’s confirmed the A1 rating for the City’s General Obligation bonds and the A1 rating for the Utility System Revenue bonds.

The City of Corpus Christi has secured $115 million in funding to support a range of community improvements, including upgrades to public safety services, streets, parks and recreation facilities, and library improvements through the issuance of the General Improvement Bonds, Series 2026 transaction that priced on Tuesday, June 16, 2026.

Today, Fitch Ratings notified the City of Corpus Christi that the City’s Utility System credit rating will be lowered from an “AA-” to an “A-,” from a high grade to an upper medium grade.

The City of Corpus Christi is calling for public input as it begins developing the Fiscal Year 2027 Budget by launching a community-wide survey.

Today, S&P Ratings lowered the City’s Utility System credit rating from an “AA-” to an “A.” S&P Ratings stated that the lowering of the City’s Utility System credit rating from an “AA-” to an “A” is the result of the current, acute drought risk as well as the potential for a Level 1 Water Emergency later this year. 

The City of Corpus Christi has received notification from Fitch Ratings regarding a revision to the City’s financial outlook. While Fitch has affirmed the City’s ‘AA’ credit rating, indicating a very strong capacity to meet financial commitments, it has revised the Rating Outlook from “Stable” to “Negative.”

At today’s regularly scheduled City Council meeting, Mayor Paulette Guajardo and the City Council awarded a $2,027,560 construction contract to Crawford Henrichson and Crawford LLC for exterior renovations to the La Retama Central Library. 

The City of Corpus Christi announced the successful sale of $296.87 million in Utility System Senior Lien Revenue Improvement and Refunding Bonds, Series 2025, which priced on June 26, 2025. The financing will fund vital infrastructure improvements and refinance prior debt at lower interest rates, delivering more than $8.2 million in savings for ratepayers.

The City of Corpus Christi has again earned strong credit ratings from two major national rating agencies ahead of its upcoming bond sale to fund utility system improvements.