Rochester bond ratings stable, updated by Standard & Poor’s global ratings

Mayor Malik D. Evans announced today that Standard & Poor’s Global Ratings (S&P) has assigned its ‘AA-’ long term rating to Rochester’s 2024 series I $39.3 million general obligation (GO) bonds. S&P Global Ratings has also assigned its ‘SP-1+’ short term rating to the City’s series 2024 II $17.9 million bond anticipation notes (BANS). In addition, S&P affirmed their ‘AA-’ and ‘SP-1+’ ratings on Rochester’s GO and short term debt outstanding. The outlook is stable.

“Rochester’s financial profile remains stable, supported by well-embedded financial policies and practices and a growing economic base,” according to the bond rating agency.

“We’re proud of our stable credit overview,” said Mayor Evans. “These ratings are a testament to our sound financial practices, and they help our ability to borrow and invest on behalf of our citizens as we work to create a hope-filled city with a prosperous future.”

The ratings reflect S&P’s view of the Rochester’s “growing local economy, with numerous large-scale developments occurring throughout the city…its strong institutional framework...its operating surplus…and its manageable debt service,” the agency reported.

The City’s finances undergo rigorous review in determining its municipal bond rating. Strong bond ratings translate to lower interest rates and reassure businesses and investors, which encourages development and jobs in communities.

S&P’s credit opinion on Rochester notes a “growing economic profile, with wealth and income indicators below those of comparably rated peers due to a large student population.” It says that “Rochester's economic base shows ongoing development, which should lead to tax base growth over time.”