Tuesday, December 12, 2017
City of Vicksburg Board of Mayor and Aldermen

In February 2012, Vicksburg's credit rating was withdrawn by Moody's Investors Service due to the city's inability to produce annual financial audits in a timely manner. The city had fallen behind almost three (3) years in annual financial audits. The city now has rectified the problem, and has hired a Certified Public Accountant on staff to ensure that annual audits are completed in a timely manner.

While running for the office of Mayor of the City of Vicksburg, one of my objectives was to restore the city's credit rating. The loss of our credit rating has had a negative impact on our city, and prevented us from saving money for our citizens. I requested Demery Grubbs with Governmental Consultants, Inc. to help the city get its credit rating reinstated. After preparing numerous documents and participating in a number of conference calls, Moody's Investors Service has now reinstated the city's credit rating of "A2". This rating is in the same rating category as the city's previous rating before it was pulled. The "A2" credit rating is an extremely good rating and adds great value to the city as we move forward. If and when the city needs to be in the market place to borrow money, investors will be very interested because of our rating. Also, our rating will help in generating lower interest rates. We have been looking at refinancing some of our existing debt, and now with the reinstatement of the credit rating of "A2", the city is in a great position to save money.

Additionally, when businesses and industries look at a community for potential locations, one of the criteria they take into consideration is the community's credit rating. Businesses and industries want to be located in a community that manages its finances properly, and maintaining a good credit rating reflects this responsible fiscal management.

I would like to thank everyone with the City of Vicksburg who had a hand in the city regaining its credit rating. Because of our determination and due diligence, we were able to work together in a spirit of cooperation and steadfastness to attain this outstanding accomplishment. I would especially like to show my appreciation to Aldermen Michael Mayfield and Willis Thompson, Finance Director Doug Whittington, City Attorney Nancy Thomas, and City Clerk Walter Osborne for all their perseverance in seeing the city's reinstatement efforts through to its completion. We as elected officials and staff must now ensure that we continue to manage the financial affairs of the city to not only maintain, but strive to achieve an even higher credit rating in the future.