News Flash

City Announcements

Posted on: March 22, 2021

Petersburg Receives Bond Rating Upgrade to “BBB+”

Petersburg Bond Rating Increase 2021

Petersburg Receives Bond Rating Upgrade to “BBB+”; Outlook Remains ‘Positive’ 

Standard & Poor's (S&P) Global Ratings has raised its long-term rating and underlying rating (SPUR) on Petersburg's general obligation (GO) bonds outstanding to 'BBB+' from 'BBB-'. The outlook remains positive.   

The upgrade reflects S&P's view of Petersburg's continued achievement in rebuilding a sound financial position, including increased reserves and liquidity, such that short-term cash flow borrowing is no longer necessary. The city's financial position has significantly improved over the past three years because Petersburg has fully repaid past-due obligations, assembled a new management team, and strengthened budgetary flexibility and liquidity, supported by formally adopted financial policies. 

"This upgraded bond rating is proof that we're continuing on the right path. We have re-built the financial foundation for the City of Petersburg and cemented our financial future by embedding sound fiscal practices throughout our operations," said Mayor Sam Parham.  

Looking back to 2014, the city's bond rating was downgraded to "BBB" with a stable outlook. In 2016, the city was downgraded once again to "BB" with a negative outlook. This most recent upgrade marks the third consecutive upgrade, up from "BB+" with a positive outlook in 2018, to "BBB-" with a positive outlook in 2019, to "BBB+" with a positive outlook in 2021.  

“The fact that the City received a double upgrade from Standard & Poor’s during this pandemic is very impressive. It demonstrates that the City is making tremendous progress in turning the corner and getting its financial affairs in order,” said representatives from Davenport & Company LLC, Financial Advisor to the City. 

The fiscal year 2020 year-end results continued this positive momentum. The city ended the fiscal year 2020 with a strong surplus due to additional cost-cutting measures, conservative budgeting, and some expense savings following the onset of the COVID-19 pandemic. The surplus increased reserves to a level that S&P considers very strong, eliminating the need to issue revenue anticipation notes (RANs) during the year for cash flow purposes. 

Petersburg's debt and contingent liability, liquidity, budgetary flexibility, and budgetary performance were all described as strong by S&P. 

Petersburg Bond Rating Increase 2021

Facebook Twitter Email

Other News in City Announcements

iStock_000010942320Medium Leaf Raking copy

Fall 2022 Leaf Collection Schedule

Posted on: September 20, 2022

Community Clean-Up on May 8th

Posted on: May 6, 2021

Joint Ward Meeting

Posted on: April 21, 2021

Mobile Vaccination Clinic - Canceled

Posted on: April 14, 2021

Recycling Update

Posted on: April 14, 2021

COVID-19 Vaccination in Petersburg

Posted on: April 12, 2021

Trash Collection Update (4/3/21)

Posted on: April 3, 2021


Posted on: April 2, 2021

Virtual Job Hunt Club - Petersburg

Posted on: March 15, 2021
virtual summit_hmpg

2021 Virtual Youth Summit

Posted on: March 15, 2021

Ward 4 Meeting - March 1, 2021

Posted on: February 2, 2021

City Council Meeting - February 2, 2021

Posted on: February 1, 2021

Food Packs available on January 22, 2021

Posted on: January 21, 2021

Former Ramada Inn Site - Update

Posted on: January 20, 2021

New Due Date for Jan. 2021 Utility Bills

Posted on: January 20, 2021
CouncilMeeting (2)

City Council Meeting - January 19, 2021

Posted on: January 18, 2021

Ward 6 Community Clean-Up

Posted on: January 14, 2021

Leaf Vacuuming Update

Posted on: January 11, 2021

New GIS Website for Petersburg, VA

Posted on: January 6, 2021