Fitch Ratings upgraded its rating on three series of Corpus Christi Business and Job Development Corp., Tex., sales tax bonds to AA-minus and A-plus levels. The outlook on is stable.
The upgrade of the corporation’s sales tax bonds reflect solid debt service coverage, favorable prospects for continued revenue growth, consistent voter support for dedicated sales tax levies for tourism projects, and the absence of future plans to further leverage these revenue streams, analysts said.
The tourism projects funded with bond proceeds have been further complemented with the ongoing redevelopment of Corpus Christi’s bay front, which should enhance the corporation’s sales tax base. The higher rating for baseball stadium bonds reflects their stronger debt service coverage and shorter maturity, Fitch said.