San Antonio’s financial management during COVID-19 pandemic has improved outlook

SAN ANTONIO – Here is some good news regarding the COVID-19 pandemic.

The city announced Thursday that three major credit rating agencies reaffirmed the general obligation bond ratings, and each of them gave the city an improved outlook.

The city said this is a vote of confidence after the economic impact that COVID-19 put on residents of San Antonio.

“The City of San Antonio took swift action in April to address a $200 million revenue shortfall caused by the pandemic, and it appears that the credit rating agencies took notice,” said City Manager Erik Walsh. “For our City to maintain its excellent ratings and receive an improved financial outlook in the midst of a global pandemic speaks volumes to the financial management of the City staff and the decisive policy decisions made by the City Council. “

Strong credit ratings were maintained throughout the pandemic, but the stable outlook that was rewarded to the city was an improvement, according to city officials. In March and April of this year, the city was on a negative outlook.

“These strong ratings from all three agencies in the middle of the COVID-19 pandemic demonstrate the strong fiscal stewardship implemented by City Council, City Manager Erik Walsh and his leadership team,” said Mayor Ron Nirenberg. “Erik and his budget team have responded to today’s difficult economic challenges adeptly with a laser focus on the strong management that preserves the most services possible. These ratings show the prudence of these moves.”

Gov. Abbott suspends elective surgeries in Bexar County

Governor Greg Abbott pauses additional reopening phases due to surge in COVID-19 in Texas

This article was originally published on KSAT San Antonio

Products You May Like

Articles You May Like

Asset allocation is all season mantra in investing; approach investing with WITS model
Here’s what buying $55,000 worth of Tesla stock teaches us about the hidden cost of big investments
8 tips from value investor Guy Spier for success in investing
BlackBerry Limited (BB) Q1 2021 Earnings Call Transcript | The Motley Fool
ADP jobs report, ISM manufacturing, Macy’s earnings: What to know in markets Wednesday

Leave a Reply

Your email address will not be published. Required fields are marked *