Tuesday, March 31, 2009

City's Utility Revenue Bond Rating Improves

Richmond, VA – In this year’s first assessment by a major rating agency, Standard & Poor’s has upgraded the City’s already high utility revenue bond rating from AA- to AA. Bonds rated in this category are judged to be of high quality by all standards.

“The raised utility revenue bond rating is welcomed news in this difficult economy,” said Mayor Dwight C. Jones. “This achievement provides us with the added momentum we need as we pursue our goal of ‘Building a Better Richmond,’ by striving for a Triple-A bond rating for the City.”

The City’s improved standing is in part due to the interactions of Standard & Poor’s with the Mayor and president of City Council along with the impressive leadership in managing the City’s utility and their belief that financial planning will position the City for positive results in the years to come.

CONTACT: Tammy Hawley, (804) 646-3110