San Antonio’s Strong Financial Management Earns Top Credit Ratings Aga

Published on August 06, 2025

August 6, 2025 — The City of San Antonio has once again secured top-tier credit ratings from all three major rating agencies, underscoring the City’s disciplined fiscal management and long-term financial stability.

Standard & Poor’s and Moody’s reaffirmed the City’s AAA and Aaa general obligation bond ratings, respectively, representing the highest possible rating, with a stable outlook. Fitch Ratings also reaffirmed the City’s strong AA+ rating and assigned a stable outlook.

“The reaffirmed ratings reflect our commitment to long-range planning, strong fiscal policies, and a continued focus on building a resilient budget” said City Manager Erik Walsh. “Maintaining this level of credit strength means we can invest in our infrastructure and neighborhoods at the lowest possible cost to taxpayers.”

The ratings precede the City’s planned sale of general obligation bonds, certificates of obligation, and tax notes during the week of August 11, 2025.

San Antonio continues to hold the highest credit ratings of any city its size in the nation. Strong ratings mean lower borrowing costs for capital projects—resulting in more funding for street improvements, public safety facilities, parks, and other critical infrastructure.

Current Ratings

Highlights from the Rating Reports

• S&P praised the City’s “very strong management practices and policies and consistent track record of conservative budgeting and strategic planning.”
• Moody’s noted San Antonio’s “sophisticated management team with a long track record of closing budget gaps.”
• Fitch gave the City its strongest assessment for “financial resilience,” and cited strong reserves, revenue flexibility, and a robust financial position.