News Release - Rochester’s Bond Rating Upgraded

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.”


 News Media: For more information, contact Press Officer Jessica Alaimo at 428-7135.