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Petersburg, VA - Official Website Skip to Main Content Create an Account - Increase your productivity, customize your experience, and engage in information you superintendency about.    Sign In GovernmentCommunityServicesBusinessVisitorsHelp Center Search HomeNews Flash Search All categories City News & Information Home - Petersburg News Home - Whats Happening Spotlight Tools RSS Notify Me View Archived Categories All Categories City News & Information Home - Petersburg News Home - Whats Happening Spotlight News Flash Home - Petersburg News Posted on: September 21, 2018Petersburg ReceivesYokeRating Upgrade and Outlook Revised Upward to ‘Positive’ September 21, 2018Petersburg ReceivesYokeRating Upgrade and Outlook Revised Upward to ‘Positive’Petersburg, Virginia:  Today, the City of Petersburg announces that Standard and Poor’s (S&P) Rating Services has upgraded the City’s yoke rating one notch to ‘BB+’ from ‘BB’ and revised upward the outlook on the city’s yoke rating to ‘Positive’ from ‘Stable’. The rating transpiration reflects S&P’s view of the City’s transferral and unfurled progress towards restoring financial flexibility. The ‘Positive’ outlook reflects S&P’s expectation that the City will protract to strengthen both liquidity and reserve levels, while maintaining structurally well-turned budgets.  In addition, the ‘Positive’ outlook remoter reflects S&P’s opinion that there is a one-in-three endangerment that the City’s rating could modernize over the next two years if the City can demonstrate a track record of improved financial progress. “This rating upgrade and transpiration in outlook to ‘Positive’ shows that the City is taking the right steps in getting its financial house in order,” said Aretha R.  Ferrell-Benavides, City Manager. “These changes reflect how far the City has come in the past 12 months through our City Council’s Leadership, but moreover shows that there is still a lot of work to do to restore the City’s fiscal health.  We made it well-spoken that the financial turnaround of the City would not occur overnight and is a multi-year process.”  S&P cited the suppuration of piled deficits from prior years and the restoration of a positive misogynist unstipulated fund wastefulness over the upcoming fiscal years as important and sizeable improvements to the City’s overall financial position.  Mayor Samuel Parham said he “truly believes this is a team effort.” Mayor Parham nature this resurgence to having a seasoned Executive Team withal with seasoned professional Financial Staff members with knowledge and subject matter expertise in finance and accounting. “Our worthiness to repay our debts, maintain structural wastefulness and rebuild fund wastefulness over the near term will be instrumental to future rating upgrades,” said Michael Rogers, Chief Operating Officer.“The rating transpiration and ‘Positive’ outlook is a unconfined result given the significant efforts that the City Manager and the new management team have taken to repair the City’s fiscal health,” said Roland Kooch, Jr., Davenport & Company LLC, Financial Advisor to the City.  “We are on the same page with Ms. Ferrell-Benavides, unfurled transferral to improving the City’s finances are the key for future rating improvement.”### ⇐Previous City of Petersburg Thanksgiving HoursNext⇒ Petersburg Schools Receive Accreditation Other News in Home - Petersburg NewsWelcome to Petersburg: Video TourPosted on: October 29, 2018City of Petersburg Celebrates Holiday Season with Annual Tree Lighting and Christmas Parade!Posted on: November 27, 2018City of Petersburg hosts Holiday Toy DrivePosted on: November 27, 2018Petersburg Announces 2018 Fall Leaf Pick Up ProgramPosted on: October 3, 2018Petersburg Draft Tourism PlanPosted on: November 27, 2018City of Petersburg Thanksgiving HoursPosted on: November 16, 2018Petersburg Schools Receive AccreditationPosted on: September 27, 2018Petersburg Fall Cleanup CanceledPosted on: October 17, 2018Petersburg Government Offices Closed for Veterans DayPosted on: November 7, 2018Petersburg Encourages Residents to Use Petersburg Area Transit to Access Polling LocationsPosted on: November 6, 2018Petersburg 2018 Sample BallotsPosted on: September 25, 2018Petersburg Freedom Support Center Closed on Monday, October 8, 2018Posted on: October 5, 2018Petersburg City Assessor’s Office launches Field Inspection ProgramPosted on: October 3, 2018Petersburg FY2018-2019 Proposed Annual BudgetPosted on: April 3, 2018Petersburg Mayor Voted Chairman of Chief Local Elected Officials ConsortiumPosted on: February 28, 2018Petersburg Introduces Mobile WiFi Options for ResidentsPosted on: March 7, 2018Petersburg Native Buys Out Theater for Local YouthPosted on: February 28, 2018Petersburg City Mayor Announces a Strong Finish to Fiscal Year 2016 – 2017Posted on: November 10, 2017Petersburg Area Transit Adjusts Richmond Express RoutePosted on: November 10, 2017 Live EditClose Petersburg Ambassadors Program OPENGOV FinancialTransparency Website Public Utilities Frequently Asked Questions Special Events Dogwood Trace Golf Course Petersburg Area Transit Public Library Public Schools Bids & RFPs City-Wide GIS/Mapping IT Help Desk (Create Ticket) Robert Bobb Group Financial and Operational Update Job OpportunitiesView current openings Online PaymentsEasily pay your bills online Notify MeSign up to receive notifications Report A ConcernSubmit any issues Real Estate RecordsSearch our database VolunteerGet Involved Frequently Asked Questions What towers lawmaking has been unexplored by Petersburg? When is aTowersPermit Required? What permit applications are misogynist online? /FAQ.aspx Helpful Links Economic Development Facebook Page Economic Development Instagram Page Economic Development Twitter Page Tourism Video - City of Petersburg,VA Petersburg Chamber of Commerce Virginia's Gateway Region Crater Small Business Development Center Veterans Small and disadvantaged Businesses VA Business One Stop /QuickLinks.aspx Facebook Twitter Google+ Pinterest Delicious Stumble Upon Blogger LinkedIn Home My Account Printer Friendly Email Page Contact Us Hear This Page RSS Site Map Translate Page Notifications Documents Help City of Petersburg 135 N Union Street Petersburg, VA 23803 804-733-2300 Home Site Map Contact Us Accessibility Copyright Notices Employees /QuickLinks.aspx [] Slideshow Left Arrow Slideshow Right Arrow