Today, the City of Houston Controller’s office is unveiling a new Investor Relations web site
While the site is geared to potential investors in the City of Houston’s municipal bonds, it offers a wealth of material for anyone interested in the City’s finances. Information included on the site includes: annual and monthly financial reports, the annual Budget and Capital Improvement Plan, a detailed breakout of the City’s outstanding debt by credit, recent bond transactions, press clippings, ordinances governing bonds, and transcripts from panels and conferences.
“The site is just one component of our broader, continuous efforts to make government accessible and transparent,” says Houston City Ronald C. Green.
“The idea of an Investor Relations site came about after our first-and very successful-Investor Conference in March 2013. We had over 100 in attendance, and there was great interest in the information presented by the various departments.
Clearly, Houston is “hot” in the muni bond market, so it just seemed appropriate to have this addition to our Controller’s Office web site where stakeholders, including current and potential bondholders, can get a good overview of the City.
”Houston will host its second Investor Conference in February 2014.It is worth noting that Houston has received favorable evaluations from the rating agencies. Notably, in April of this year, Moody’s Investors Service upgraded the City of Houston’s Combined Utility System’s (CUS) $281 million lien debt from Aa2 to Aa1; at the same time, Moody’s reaffirmed the City’s Aa2 rating on the system’s $5.6 billion in outstanding parity debt.
The report states the debt “reflects the utility’s essential role as the primary water provider to the growing Houston metropolitan region, a strong balance sheet and historically adequate debt service coverage, a sizeable capital improvement plan and adequate bond covenants.”
The Moody’s report goes on to state: “The stable outlook reflects the large and growing service area, stable debt service coverage levels supported by annual rate increases, and solid liquidity in the system.”