Fitch is one of the major Wall Street firms that rates municipal bond issuances.

On January 22, 2019, the firm gave a “AA” rating to four bonds that were issued by the City of El Paso, including $40.9 million of General Obligation refunding bonds, series 2019C.

A “refunding bond” is issued in order to retire an earlier bond that has a higher interest rate.

Yesterday, July 6 at 12:44 PM MST, Fitch withdrew its “AA” rating for $40.9 million of the City’s refunding bonds, series 2019C, “as they did not sell.”


  1. Did Fitch withdraw its rating because it sees bonds issued by the City of El Paso as a higher risk for investors?
  2. Why did our City’s bonds fail to sell?
  3. Is this a sign that El Paso’s bond ratings are now at higher risk because of the huge quantity of debt that our City has assumed?

Enjoy your day.