The City of Richmond is pleased to announce that S&P Global Ratings has affirmed strong credit ratings for several of the City’s financial obligations. These include an AA rating with a stable outlook for Public Utilities bond issuances, an AA+ rating with a stable outlook for the City’s general obligation bonds, and an AA rating with a stable outlook for the Economic Development Authority.

These ratings reflect a high level of creditworthiness and affirm the City’s strong financial management practices. They also position Richmond to access capital markets at favorable interest rates, which allows the city continued investment in infrastructure, public services, and long-term community development.

While S&P revised its outlook for the City from positive to stable, this change reflects broader economic uncertainties rather than any specific concerns with Richmond’s fiscal health.

“We are pleased to receive these ratings from S&P Global,” said Mayor Danny Avula. “They highlight the City’s responsible financial stewardship and our commitment to maintaining a resilient and efficient utility system for all Richmonders.”

These ratings come at a critical time as the City continues to advance key priorities, including sustainable energy initiatives, upgrades to the water and wastewater systems, and the adoption of innovative technologies to enhance service reliability and environmental sustainability.

Richmond’s strong credit standing is a testament to its sound fiscal policies, effective leadership, and ongoing commitment to delivering dependable, high-quality services to residents and businesses alike.

To read the full report, please visit www.spglobal.com/ratingsdirect.