Petersburg's credit rating elevated to 'stable' - NBC12 - WWBT - Richmond, VA News On Your Side

Petersburg's credit rating elevated to 'stable'

PETERSBURG, VA (WWBT) -

Good news for the residents of Petersburg - the city's credit rating has been elevated to "stable."

S&P Global Ratings revised the outlook on the city's general obligation (GO) bonds up from "negative" and affirmed  its 'BB' underlying rating.

"The outlook revision reflects our view of the city's commitment to restoring financial stability following years of fiscal imbalance," said S&P Global Ratings credit analyst Timothy Barrett.

S&P says the "ability of Petersburg's new management team to demonstrate improved internal controls and structural financial balance, while fully repaying prior obligations, could lead to us to raise the rating, potentially by multiple notches...Although we believe there are still significant risks associated with the city's finances, we believe the city is on a new trajectory aimed at restoring a healthier financial position."

Petersburg has been working with the Robert Bobb group to get a hold on their financial troubles.

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