diff --git a/src/company_cmd.cpp b/src/company_cmd.cpp
index 0357e337ea..6a92b411df 100644
--- a/src/company_cmd.cpp
+++ b/src/company_cmd.cpp
@@ -571,6 +571,8 @@ Company *DoStartupNewCompany(bool is_ai, CompanyID company = INVALID_COMPANY)
 	AI::BroadcastNewEvent(new ScriptEventCompanyNew(c->index), c->index);
 	Game::NewEvent(new ScriptEventCompanyNew(c->index));
 
+	if (!is_ai) UpdateAllTownVirtCoords();
+
 	return c;
 }
 
diff --git a/src/lang/english.txt b/src/lang/english.txt
index 7bb4f3b701..c9fc514b34 100644
--- a/src/lang/english.txt
+++ b/src/lang/english.txt
@@ -1260,7 +1260,7 @@ STR_CONFIG_SETTING_HOVER_DELAY                                  :Show tooltips:
 STR_CONFIG_SETTING_HOVER_DELAY_HELPTEXT                         :Delay before tooltips are displayed when hovering the mouse over some interface element. Alternatively tooltips can be bound to the right mouse button
 STR_CONFIG_SETTING_HOVER_DELAY_VALUE                            :Hover for {COMMA} second{P 0 "" s}
 STR_CONFIG_SETTING_HOVER_DELAY_DISABLED                         :Right click
-STR_CONFIG_SETTING_POPULATION_IN_LABEL                          :Show town population in the town name label: {STRING2}
+STR_CONFIG_SETTING_POPULATION_IN_LABEL                          :Show extra information in the town name label: {STRING2}
 STR_CONFIG_SETTING_POPULATION_IN_LABEL_HELPTEXT                 :Display the population of towns in their label on the map
 STR_CONFIG_SETTING_GRAPH_LINE_THICKNESS                         :Thickness of lines in graphs: {STRING2}
 STR_CONFIG_SETTING_GRAPH_LINE_THICKNESS_HELPTEXT                :Width of the line in the graphs. A thin line is more precisely readable, a thicker line is easier to see and colours are easier to distinguish
@@ -4798,10 +4798,18 @@ STR_SAVEGAME_NAME_DEFAULT                                       :{COMPANY}, {STR
 STR_SAVEGAME_NAME_SPECTATOR                                     :Spectator, {1:STRING1}
 
 # Viewport strings
+STR_VIEWPORT_TOWN_POP_VERY_POOR_RATING                          :{WHITE}{TOWN} {RED}({COMMA})
+STR_VIEWPORT_TOWN_POP_MEDIOCRE_RATING                           :{WHITE}{TOWN} {ORANGE}({COMMA})
+STR_VIEWPORT_TOWN_POP_GOOD_RATING                               :{WHITE}{TOWN} {YELLOW}({COMMA})
 STR_VIEWPORT_TOWN_POP                                           :{WHITE}{TOWN} ({COMMA})
+STR_VIEWPORT_TOWN_POP_EXCELLENT_RATING                          :{WHITE}{TOWN} {GREEN}({COMMA})
 STR_VIEWPORT_TOWN                                               :{WHITE}{TOWN}
 STR_VIEWPORT_TOWN_TINY_BLACK                                    :{TINY_FONT}{BLACK}{TOWN}
 STR_VIEWPORT_TOWN_TINY_WHITE                                    :{TINY_FONT}{WHITE}{TOWN}
+STR_VIEWPORT_TOWN_TINY_VERY_POOR_RATING                         :{TINY_FONT}{RED}{TOWN}
+STR_VIEWPORT_TOWN_TINY_MEDIOCRE_RATING                          :{TINY_FONT}{ORANGE}{TOWN}
+STR_VIEWPORT_TOWN_TINY_GOOD_RATING                              :{TINY_FONT}{YELLOW}{TOWN}
+STR_VIEWPORT_TOWN_TINY_EXCELLENT_RATING                         :{TINY_FONT}{GREEN}{TOWN}
 
 STR_VIEWPORT_SIGN_SMALL_BLACK                                   :{TINY_FONT}{BLACK}{SIGN}
 STR_VIEWPORT_SIGN_SMALL_WHITE                                   :{TINY_FONT}{WHITE}{SIGN}
diff --git a/src/town.h b/src/town.h
index 42495971ec..67e580d6b5 100644
--- a/src/town.h
+++ b/src/town.h
@@ -18,6 +18,9 @@
 #include "newgrf_storage.h"
 #include "cargotype.h"
 #include "tilematrix_type.hpp"
+#include "openttd.h"
+#include "table/strings.h"
+#include "company_func.h"
 #include <list>
 
 template <typename T>
@@ -75,6 +78,7 @@ struct Town : TownPool::PoolItem<&_town_pool> {
 	CompanyByte exclusivity;       ///< which company has exclusivity
 	uint8 exclusive_counter;       ///< months till the exclusivity expires
 	int16 ratings[MAX_COMPANIES];  ///< ratings of each company for this town
+	StringID town_label;           ///< Label dependent on _local_company rating.
 
 	TransportedCargoStat<uint32> supplied[NUM_CARGO]; ///< Cargo statistics about supplied cargo.
 	TransportedCargoStat<uint16> received[NUM_TE];    ///< Cargo statistics about received cargotypes.
@@ -113,6 +117,30 @@ struct Town : TownPool::PoolItem<&_town_pool> {
 
 	void InitializeLayout(TownLayout layout);
 
+	void UpdateLabel();
+
+	/**
+	 * Returns the correct town label, based on rating.
+	 */
+	inline StringID Label() const{
+		if (!(_game_mode == GM_EDITOR) && (_local_company < MAX_COMPANIES)) {
+			return STR_VIEWPORT_TOWN_POP_VERY_POOR_RATING + this->town_label;
+		} else {
+			return _settings_client.gui.population_in_label ? STR_VIEWPORT_TOWN_POP : STR_VIEWPORT_TOWN;
+		}
+	}
+
+	/**
+	 * Returns the correct town small label, based on rating.
+	 */
+	inline StringID SmallLabel() const{
+		if (!(_game_mode == GM_EDITOR) && (_local_company < MAX_COMPANIES)) {
+			return STR_VIEWPORT_TOWN_TINY_VERY_POOR_RATING + this->town_label;
+		} else {
+			return STR_VIEWPORT_TOWN_TINY_WHITE;
+		}
+	}
+
 	/**
 	 * Calculate the max town noise.
 	 * The value is counted using the population divided by the content of the
diff --git a/src/town_cmd.cpp b/src/town_cmd.cpp
index d3c480af11..8b23a9afd3 100644
--- a/src/town_cmd.cpp
+++ b/src/town_cmd.cpp
@@ -160,6 +160,26 @@ void Town::InitializeLayout(TownLayout layout)
 	return Town::Get(index);
 }
 
+/**
+ * Updates the town label of the town after changes in rating. The colour scheme is:
+ * Red: Appalling and Very poor ratings.
+ * Orange: Poor and mediocre ratings.
+ * Yellow: Good rating.
+ * White: Very good rating (standard).
+ * Green: Excellent and outstanding ratings.
+ */
+void Town::UpdateLabel()
+{
+	if (!(_game_mode == GM_EDITOR) && (_local_company < MAX_COMPANIES)) {
+		int r = this->ratings[_local_company];
+		(this->town_label = 0, r <= RATING_VERYPOOR)  || // Appalling and Very Poor
+		(this->town_label++,   r <= RATING_MEDIOCRE)  || // Poor and Mediocre
+		(this->town_label++,   r <= RATING_GOOD)      || // Good
+		(this->town_label++,   r <= RATING_VERYGOOD)  || // Very Good
+		(this->town_label++,   true);                    // Excellent and Outstanding
+	}
+}
+
 /**
  * Get the cost for removing this house
  * @return the cost (inflation corrected etc)
@@ -371,11 +391,11 @@ static bool IsCloseToTown(TileIndex tile, uint dist)
  */
 void Town::UpdateVirtCoord()
 {
+	this->UpdateLabel();
 	Point pt = RemapCoords2(TileX(this->xy) * TILE_SIZE, TileY(this->xy) * TILE_SIZE);
 	SetDParam(0, this->index);
 	SetDParam(1, this->cache.population);
-	this->cache.sign.UpdatePosition(pt.x, pt.y - 24 * ZOOM_LVL_BASE,
-		_settings_client.gui.population_in_label ? STR_VIEWPORT_TOWN_POP : STR_VIEWPORT_TOWN);
+	this->cache.sign.UpdatePosition(pt.x, pt.y - 24 * ZOOM_LVL_BASE, this->Label());
 
 	SetWindowDirty(WC_TOWN_VIEW, this->index);
 }
@@ -2911,6 +2931,7 @@ static CommandCost TownActionBribe(Town *t, DoCommandFlag flags)
 			 */
 			if (t->ratings[_current_company] > RATING_BRIBE_DOWN_TO) {
 				t->ratings[_current_company] = RATING_BRIBE_DOWN_TO;
+				t->UpdateVirtCoord();
 				SetWindowDirty(WC_TOWN_AUTHORITY, t->index);
 			}
 		} else {
@@ -3043,6 +3064,7 @@ static void UpdateTownRating(Town *t)
 		t->ratings[i] = Clamp(t->ratings[i], RATING_MINIMUM, RATING_MAXIMUM);
 	}
 
+	t->UpdateVirtCoord();
 	SetWindowDirty(WC_TOWN_AUTHORITY, t->index);
 }
 
@@ -3296,6 +3318,7 @@ void ChangeTownRating(Town *t, int add, int max, DoCommandFlag flags)
 	} else {
 		SetBit(t->have_ratings, _current_company);
 		t->ratings[_current_company] = rating;
+		t->UpdateVirtCoord();
 		SetWindowDirty(WC_TOWN_AUTHORITY, t->index);
 	}
 }
diff --git a/src/viewport.cpp b/src/viewport.cpp
index c3ccea8735..9dacd7d43e 100644
--- a/src/viewport.cpp
+++ b/src/viewport.cpp
@@ -1156,8 +1156,7 @@ static void ViewportAddTownNames(DrawPixelInfo *dpi)
 	const Town *t;
 	FOR_ALL_TOWNS(t) {
 		ViewportAddString(dpi, ZOOM_LVL_OUT_16X, &t->cache.sign,
-				_settings_client.gui.population_in_label ? STR_VIEWPORT_TOWN_POP : STR_VIEWPORT_TOWN,
-				STR_VIEWPORT_TOWN_TINY_WHITE, STR_VIEWPORT_TOWN_TINY_BLACK,
+				t->Label(), t->SmallLabel(), STR_VIEWPORT_TOWN_TINY_BLACK,
 				t->index, t->cache.population);
 	}
 }