Moody’s Ratings downgraded the City of Corpus Christi’s credit rating on Thursday, citing the city’s urgent need to secure more water and the narrow window in which to do so.
The credit rating agency lowered the city’s General Obligation and sales tax revenue ratings from Aa2 to A1, and its utility rating from Aa3 to A1.
A credit rating works like a report card for a city’s finances. When the rating goes down, it becomes more expensive for the city to borrow money for projects like fixing roads or building water infrastructure. Those higher costs typically get passed on to residents through increased utility bills or taxes…