City of Rochester
News Release
(Wednesday, Jan. 30, 2013) –Three national rating agencies—Moody’s Investors Service, Standard & Poor’s Rating Services and Fitch Ratings—all 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. “Our City has traditionally behaved in a fiscally responsible manner even in the face of recurring financial difficulties. 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 (GO) bonds, which includes converting $43.8 million in previously outstanding bond anticipation notes (BANs) 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. Moody’s stated, “The City has demonstrated conservative financial management practices that have supported the maintenance of satisfactory reserve levels in the face of economic weakness.” In addition, S&P stated, “What we regard as Rochester’s conservative budget practices and management’s active role in addressing ongoing budgetary pressure have allowed management to maintain its sound financial operations and strong finances. S&P also cited the City’s ongoing role as a regional employment, service, health and educational center for western New York as a positive.
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News Media: For more information, contact City Finance Director Brian Roulin at 428-7151.