City of Pharr’s credit rating upgraded from “A+” to “AA-”
PHARR – S&P Global Ratings, the world’s leading provider of credit ratings, announced this week that it has raised the City of Pharr’s credit from “A+” to “AA-”. The “AA-” rating reflects S&P Global Ratings’ long-term rating and underlying rating (SPUR) on Pharr’s general obligation (GO) debt, as well as its long-term rating to the city’s series 2018 combination tax and revenue certificates of obligation. According to a news release released by S&P Global Ratings on Tuesday, September 25, 2018, Pharr’s outlook is stable.
“This upgraded credit rating is demonstrative of Pharr’s commitment to maintaining effective fiscal accountability and efficient management of taxpayer funds,” said Mayor Ambrosio Hernandez, M.D. “We applaud our city administration’s strong management, superb budgetary performance and exceptional budgetary flexibility, which has led to a positive, stable outlook for our community,” Hernandez continued.
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