Portsmouth's financial rating gets a boost

Posted to: News Portsmouth
Login or register to post comments

By Dave Forster
The Virginian-Pilot
© February 19, 2010

PORTSMOUTH

Two of the three rating agencies improved their outlook for the city as it prepares its next major bond issuance.

It's unclear how much that might save the city when it issues up to $88 million in bonds for utility and capital projects next month. But City Manager Kenneth Chandler said it showed the city is moving in the right direction on its policies.

The ratings remain the same: A1 from Moody's and AA- from Fitch and Standard & Poor's. But S&P changed its outlook to stable from negative, while Moody's issued a stable outlook from none before, Chandler said.

Fitch also cited improved financial management, led by reduced expenditures and conservative revenue forecasts.

COMMENTS ADVISORY: Users are solely responsible for opinions they post here; comments do not reflect the views of The Virginian-Pilot or its websites. Users must follow agreed-upon rules: Be civil, be clean, be on topic; don't attack private individuals, other users or classes of people. Read the full rules here.
- Comments are automatically checked for inappropriate language, but readers might find some comments offensive or inaccurate. If you believe a comment violates our rules, click the report violation link below it.