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.
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