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City of Petersburg, Virginia

RBG was hired to provide emergency turnaround and management services to the City of Petersburg, Virginia. Petersburg faced a significant fiscal crisis that involved an $18.8 million-dollar deficit, a lack of payments to the Virginia Retirement System (VRS), an erosion of the City’s fund balance, and uncertainty about the City’s ability to meet vendor payment obligations. Petersburg's bond ratings began falling in 2014. In 2016, the rating fell to BB with a negative outlook. That was when RBG took control of City operations. The city bond rating started to climb in 2018 when S&P gave Petersburg a BB with a positive outlook. In 2019, that was upgraded again to BBB-.

By 2021, Standard & Poor's Global Ratings boosted the City's rating from BBB- to BBB+ on its general obligation bonds, the third year in a row that the bond and commodity group had increased its bond ratings. The bond rating boost was the result of RBG's efforts to stabilize City operations by reducing the $18.8 million owed to vendors, the Virginia Retirement System and other sources to $5.8 million. The City settled lawsuits with vendors, and set up payment plans. To cover payroll for City employees, RBG obtained a $6.5 million short-term loan. RBG also assisted in the search to fill Petersburg's City Manager and Finance Director positions.

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