TPPF statement on Moody’s downgrade of Houston
Yesterday, Moody’s Investor Services, one of the nation’s three largest credit-rating agencies, downgraded the city of Houston’s general obligation limited tax rating from Aa2 to Aa3, affecting $3 billion in previously issued bonds. The agency cited “weakening economic and financial performance driven by prolonged decreases in oil prices” as well as heightened spending and pension problems. Texas Public Policy Foundation’s Director of the Center for Local Governance James Quintero issued the following statement.
Press Release March 18, 2016