“Triple-A! Triple-A! Triple-A!”

The chant echoed throughout the Observation Deck of Richmond City Hall last Thursday after city leaders announced Richmond had received a AAA bond rating for the first time in its history.

Mayor Levar M. Stoney led City Council members, officials, employees and community members in the chant, energized by the news and what it could mean for the future of the city.

The rating came from credit agency Fitch, upgrading the city from its previous AA+ bond rating, and will allow the city to borrow more money with lower interest rates.

With multiple development projects in progress across the city, the rating has the potential to save around $25 million in funding and construction over the life of all current bonds, according to Deputy Chief Administrative Officer Sabrina Joy-Hogg, providing more resources for the needs and interests of Richmonders.

“These savings will flow right back to our residents and go toward projects that will directly improve their daily lives,” Mayor Stoney said, “from enhancing streets to funding schools to other major development projects. This rating is a game changer for Richmond.”

Mayor Stoney and other city officials celebrated the team effort that brought Richmond to this point, and it now joins the neighboring counties of Henrico, Chesterfield and Hanover in obtaining a AAA bond rating.

The upgraded rating was announced as multiple development projects have begun or will begin in the months to come, including a project to redevelop the Diamond District and the baseball stadium that will involve issuing $170 million in bonds.

Not everyone was happy about the upgraded bond rating. Attorney and community advocate Paul Goldman criticized the rating as evidence of the city prioritizing its financial standing over addressing problems in the city’s school system.

“The reason he got a AAA bond rating is because our elected leaders refused to borrow the money needed to fix up the school buildings,” Mr. Goldman wrote in a response to the announcement. “But notice they’ve got $280 million (to) pay off the bond for a baseball stadium!”

Mr. Goldman is challenging the approval of the Diamond District project, with an initial hearing last week and a return to court in June over how public input in the project has been handled, among other claims.

The Richmond Crusade for Voters, who voiced their concern for the project’s approval and the potential financial burden residents may have to shoulder, are supporting Mr. Goldman in his suit.