News Flash

City Announcements

Posted on: April 23, 2020

S&P Global Ratings Revises Outlook for Local Governments

S&P Global Ratings Revises Outlook for Local Governments

 

Petersburg, Virginia:  Petersburg investment advisors, Davenport & Company LLC, have informed the City that S&P Global Ratings (S&P) has revised its outlook to stable from positive on various long-term and underlying ratings on tax-secured debt issued by local governments. This action applies to the ratings of 91 issuers and 121 distinct security pledges supporting a variety of ratings on individual debt obligations. 


Effective Friday, April 17, 2020, S&P took industry-wide action moving all “Positive Outlooks” to “Stable Outlooks” on all municipal credits due to the current economic environment.  This move affects the City of Petersburg’s current rating of “BBB-“ with a Positive Outlook that was received in December 2019. The City’s rating will be revised to “BBB-“ with a Stable Outlook. This change is not due to any action or inaction by the City, but rather the economic outlook due to the COVID-19 pandemic affecting localities nationwide.


Factors considered by S&P during their deliberation include: (a) over 90% of the U.S. population is under stay-at-home restrictions, (b) abrupt declines in consumer and business spending, and (c) unprecedented increases in unemployment. S&P expects that factors will contribute to the many, varied, and substantial challenges state and local governments will face in the months ahead. Social distancing efforts governments have undertaken to protect the population’s health and safety have also been considered a social risk under S&P’s environmental, social, and governance (ESG) factors.


Link to Full S&P Ratings Article

Facebook Twitter Email

Other News in City Announcements

2020 Utility Billing Schedule

Posted on: July 23, 2020

Hydrant Flushing and Inspections

Posted on: July 22, 2020

Petersburg Fire Station #4 Update

Posted on: July 9, 2020

COVID-19 Testing in Petersburg

Posted on: July 9, 2020

July 7th City Council Meeting Link

Posted on: July 6, 2020

Utility Billing Delay (June 2020)

Posted on: June 30, 2020

Petersburg Weekend Event Changes

Posted on: June 18, 2020

City Council Meeting - June 16, 2020

Posted on: June 15, 2020

Petersburg Local Resource Guide

Posted on: June 12, 2020

Juneteenth Celebration in Petersburg

Posted on: June 11, 2020

Petersburg Celebrates Class of 2020!

Posted on: June 11, 2020

Hydrant Inspections in Petersburg

Posted on: June 8, 2020

Paving and Milling in Petersburg

Posted on: June 8, 2020

COVID-19 Testing in Petersburg

Posted on: May 6, 2020

Petersburg GIS

Posted on: April 30, 2020

Petersburg City Council Meeting Link

Posted on: April 28, 2020

Delivery Delay for Utility Bills

Posted on: April 23, 2020

Public Comment for Virtual Meetings

Posted on: April 21, 2020