Standard & Poor's Ratings Services reaffirmed the City of Castle Hills a “AA” for its second rating. The City of Castle Hills expects to continue efforts to address long-term infrastructure projects related to streets and drainage. Based on the current Street and Drainage needs within the City of Castle Hill’s Capital Improvement Plan (CIP) infrastructure identified the need to fund the reconstruction of nearly $10 Million as it relates to reconstructed streets. The 2020 Certificates of Obligation facilitated in the reconstruction of fourteen streets at $3.25 Million. Currently, the City needs another $3 Million in funding in order to complete additional streets requiring reconstruction/full depth category within the CIP.
The rating agency’s thorough evaluation and due diligence process that resulted in the "AA" rating for the City of Castle Hills included the following primary factors:
- Very strong economy,
- Adequate budgetary performance,
- Very strong liquidity,
- Strong management conditions,
- Healthy fund balance and strong institutional framework.
For questions related to this bond rating or any future capital improvement projects, please contact Ryan Rapelye, City Manager, by email at rrapelye@castlehills-tx.gov or by calling at (210) 293-9673.
Click here for more information on the “AA” bond rating reaffirmed from Standard & Poor’s.