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Feb 5, 2025
Finance

Wall Street analyst affirms Rochester’s strong credit rating

Aerial photo of the City of Rochester, New York skyline on March 26, 2024.

Mayor Malik D. Evans today announced that S&P Global Ratings, a leading financial-grading firm closely watched by Wall Street investors, has assigned its SP-1+ short-term rating to Rochester’s $27 million general obligation bond anticipation notes. S&P also affirmed its AA- and SP-1+ ratings on Rochester’s general obligation bonds and bond anticipation notes outstanding.

“This bond rating reflects sound financial practices within City government, the increasing value of the city’s tax base, and other positive economic indicators,” said Mayor Evans. “This is a clear indication that our strategic investments to accelerate business growth, empower residents, and expand generational wealth in every neighborhood are working.” 

Bond ratings have the practical benefit of lowing the City’s interest rates on debt. They also serve as an objective report card from respected experts on the financial practices of the City government as well as the current conditions and long-term outlook of the local economy. 

S&P cited several factors to justify the rating, including:

  • The City’s strong financial policies; high reserves, manageable costs and debt; robust financial planning and monitoring;
  • Economic development initiatives with a focus the industrial sector, office space and housing;
  • Rochester’s stable tax base;
  • Rising home values with growth exceeding $4 billion.