CORPUS CHRISTI, Texas — Fitch Ratings has revised its outlook on Corpus Christi’s utility system bonds from Stable to Negative, citing rising financial pressures and mounting uncertainty about the city’s long-term water supply.
In a report issued Oct. 31, Fitch affirmed approximately $1.19 billion in the city’s utility system parity revenue bonds at AA-, while lowering the system’s financial and operating risk assessments.
The agency said the new outlook “reflects rising credit pressures due to heightened operating uncertainty.”…