Brownsville maintains AA rating despite pandemic

Local News
CityBrownsville_1481650880650.jpg

Source: City of Brownsville

BROWNSVILLE, Texas — Standard & Poor’s announced they have assigned a AA rating to the city of Brownsville for $14.9 million series 2021 general obligation refunding bonds.

S&P said despite the COVID-19 pandemic, Brownsville maintained its AA rating, reflecting their growing local economy, population increases, sustained residential construction trends and stable market value.

The S&P rating reflects “Very strong management, with good financial policies and practices under our Financial Management Assessment (FMA) methodology” as well as a “strong institutional framework score”, “Very strong” budget flexibility and liquidity, said S&P.

The global pandemic is not currently a key rating driver given they city’s diverse revenue mix and minimal revenue impact from sales tax collections.

In 2020, pedestrian bridge traffic was down and did not negatively impact sales tax revenues.

Standard & Poor’s (S&P) Global Ratings provides high-quality market intelligence in the form of credit ratings, research, and thought.

Copyright 2021 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

More Throwback Thursday