City of Rochester
News Release
(Wed., January 11, 2017)—Mayor Lovely A. Warren is
pleased to announce that Fitch Ratings, Inc. upgraded its bond ratings for the
City of Rochester from A+ to AA-. With this upgrade, Rochester now has ‘AA’
level ratings from all three bond agencies: Fitch Ratings, Inc., Moody’s and
Standard & Poor’s. High credit ratings reduce the City’s debt payments and
interest costs.
“Fiscal responsibility and fair stewardship of taxpayers’
dollars is something we work very hard at,” said Mayor Warren. “It gives me
great pride to have a team at City Hall— especially those in the Finance and
Budget Departments—whose diligence and proficiency have resulted in Rochester’s
excellent bond ratings. There is a great deal of exciting investment and
revitalization taking place in our city right now. Our excellent credit ratings
help us continue our mission of building a safer, more vibrant city with
sufficient jobs and educational opportunities for all of our residents.”
According to Fitch, the upgrade of the City’s Issuer Default
Rating (IDR) and limited tax general obligation (GO) bond rating is the result
of “…the City’s revenue raising ability, solid expenditure controls and
moderate long-term liability burden. The upgrade also reflects the City's
exceptionally strong budget gap-closing capacity, which Fitch expects will
enable Rochester to maintain financial flexibility throughout economic cycles.”
In addition, the Fitch analysis of the City’s operating
performance noted the City’s “strong budget management through the recent
economic recovery.” It also said that “the City’s strong reserves, general fund
balance, moderate level of revenue volatility and superior inherent budget
flexibility enable the City to maintain reserve levels above the ‘aaa’ reserve
safety margin.”
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News Media: For more information, contact Press Officer
Jessica Alaimo at 428-7135.