ESG行业洞察 | 融资升级、信用降级：困于洪水与干旱的德州

Core Viewpoint - Texas municipal bonds are facing dual pressures from water resource risks impacting credit ratings and issuance, while water infrastructure projects attract investor interest [3]. Group 1: Water Resource Risks - Drought-induced water supply tensions and increasing flood losses are putting pressure on the credit status of utilities and coastal areas [3]. - In 2024, Clyde experienced a revenue drop due to drought, leading to a debt default in its water system, prompting S&P to downgrade its bond rating from A- to D [4]. - Corpus Christi's decision to cancel a seawater desalination contract highlights the impact of water supply challenges on municipal credit [4]. Group 2: Financing Expansion - The Texas Water Development Board (TWDB) has approved $2.67 billion in funding through the "Texas Water Implementation Fund" and "Texas Water Implementation Revenue Fund," marking the highest monthly authorization [6]. - By November, more projects were approved, pushing total authorized funding beyond $3.5 billion, indicating a growing demand for low-cost state financing [6]. - Proposition 4, approved by voters, will allocate up to $1 billion annually from sales tax revenue starting in 2027 for water supply, water reuse, groundwater importation, and desalination projects [6]. Group 3: Flood Risks - Flood risks have become a significant concern for Texas municipal bonds, with the National Flood Insurance Program (NFIP) having paid nearly $17 billion to Texas policyholders since 1980, ranking third among states [8]. - Harris County accounted for $8.7 billion of the total payouts, followed by Galveston County ($2.4 billion) and Jefferson County ($1.2 billion) [8]. - The 2024 annual claims reached $1.6 billion, with rising reconstruction costs, insurance premiums, and infrastructure burdens straining local government budgets [8].