Rochester has received thumbs ups from national rating agencies on its credit rating.
Three national rating agencies — Moody’s Investors Service, Standard & Poor’s Rating Services and Fitch Ratings — have affirmed the city’s credit rating of “Aa3” (Moody’s) and “A+ long term rating with a Stable Outlook” (S&P and Fitch).
“These excellent ratings are votes of confidence in our city and they are very important because they tell investors and businesses that Rochester, New York is a good and safe place to invest,” said Mayor Thomas S. Richards. “We have avoided over-borrowing and other tempting, financial quick fixes. Instead, we have focused our efforts on building the tax base, creating economic development, saving and finding efficiencies.”
The city will issue $96.6 million in general obligation bonds, which include converting $43.8 million in previously outstanding bond anticipation notes to bonds. The bonds will provide financing for the reconstruction of school buildings, water supply facilities, parking facilities, sidewalks and various other general city projects
All three rating agencies cited the city’s “strong fiscal management” as one of its strengths, according to a city release.