SAN ANTONIO – The City of San Antonio has maintained the best credit rating of any major city in the United States.
Three major rating agencies - Standard & Poor's, Fitch, and Moody's - reaffirmed the city's AAA bond rating Monday.
It is the highest rating any organization can receive and allows the city to pay the lowest possible interest rates in the market.
The rating agencies say an experienced management team and a vibrant regional economy contributed to the strong fiscal performance.
According to a city press release, San Antonio is the only major city with a population of more than 1 million to have a AAA bond rating from any one of the major rating agencies, let alone all three.
The benefits of the affirmed rating will be seen immediately.
According to the release, the city plans to sell approximately $52.5 million in bonds Tuesday for interest cost savings of approximately $7.3 million, which will provide additional capacity for more streets, drainage and other infrastructure projects.