Fitch Ratings, one of the nation’s three major credit rating agencies, has downgraded the City of San Antonio’s bond rating.
The City might be looking at a downgrade of its long-held, gold-star bond rating after the passage of two city charter amendments last week.
How do propositions aimed at referenda rules, city manager salaries, and firefighter labor contracts translate to higher taxes? The answer lies in the City of San Antonio’s bond ratings.
San Antonio is the only U.S. city with a population of more than 1 million to achieve a “AAA” rating from any of those agencies.
The Rivard Report spoke to bond analysts for the three major ratings agencies – Moody’s Investor Service, Fitch Ratings, and Standard and Poor’s – asking how the union’s petition to change the city’s charter could affect the bond ratings.