Vicksburg’s A2 bond rating restored by Moody’s
Published 9:34 am Thursday, March 9, 2023
The city of Vicksburg’s A2 bond rating has been reinstated by Moody’s Investment Services, a New York-based provider of credit ratings and risk analysis, Mayor George Flaggs Jr. said Thursday.
Moody’s withdrew the bond rating in late November because the city’s fiscal 2021 audit report was incomplete. The audit report was completed in December and a copy was sent to Moody’s.
“We thank Moody’s for their continued diligence and partnership with the city of Vicksburg,” Flaggs said. According to the city’s announcement, the bond rating “further strengthens the city’s ability to borrow funds at a competitive rate as well as grants for the city.”
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Bond ratings determine a borrower’s ability to pay off a loan or bond issue. The ratings go from AAA to C, with AAA being the highest and best rating and C the lowest. Moody’s rating service also has a “WR” designation, which means the rating has been withdrawn.
According to a March 8 release from Moody’s announcing the reinstatement, Moody’s said the audit was not available “in part because of a disruption resulting from a cyber attack.”
According to the release, the city has adopted a cyber security policy “aimed at hardening the city’s technology systems.”