The city’s credit rating has officially been downgraded amid continued water issues faced in Corpus Christi — a development that had been foreshadowed after the City Council’s vote to end a design contract for the Inner Harbor desalination plant.
The downgrade by Moody’s Ratings dropped the city’s ratings for utility revenue from Aa3 to A1, according to a news release issued Dec. 11 by the agency.
It essentially means that there will be higher interest rates when the city issues bonds, which are frequently used to help finance major projects…