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

City says this is a vote of confidence after the economic impact from the coronavirus

San Antonio photographer Sophia Mattos captured photos of an empty downtown on Saturday, April 18, 2020, which would have been the first Saturday of Fiesta if not for the coronavirus pandemic. (Sophia Mattos)

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.”

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