S&P Ratings Affirms City’s ‘AA’ Rating

CORPUS CHRISTI, TX— As anticipated, today S&P Ratings notified the City of Corpus Christi that it has affirmed its 'AA' rating on the City’s debt for our General Obligation (GO) bonds, certificates of obligation, and limited-tax notes outstanding. This rating is in the high-grade category.

S&P Ratings has revised its outlook on the City's debt rating for the aforementioned debt from "stable" to “negative” due to drought and water-level concerns.

S&P Ratings could revise the outlook back to stable if the City maintains balanced operations and reserves above its policy level, and after water supply increases that avoid or allow us to emerge from a Level 1 Water Emergency with no significant long-term deterioration to the City's economy.

For more information, media representatives can contact Robert Gonzales, Public Information Manager, at 361-826-3233 or robertg8@corpuschristitx.gov.