City of Rochester
News Release
(Friday, Feb. 10, 2023) – Mayor Malik D. Evans announced today
that Standard & Poor’s Global Ratings (S&P) agency has assigned the
City SP-1+ short term and AA- long term bond ratings.
The City’s finances reflect a “stable overall economic
profile,” according to the S&P. “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 encouraged by Rochester’s dependable financial
ratings,” said Mayor Evans. “Sound bond ratings allow us to be more dynamic and
effective in financial policymaking by improving our ability to borrow and invest
strategically. This rating reflects the responsible fiscal management of all of
our departments as we work to create a hope-filled city with a prosperous
future.”
The S&P was confident that “Rochester maintains a very
strong capacity to pay principal and interest when the notes come due.” The
agency found that the City has “high cash reserves and manageable debt burden”
that positions Rochester to deal with potential financial pressures.
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 attributes Rochester with sound financial prospects
as “Rochester's economic base shows ongoing development, which should lead to
tax base growth over time,” with “large stabilizing institutions” and
“continued growth across residential, commercial and industrial sectors.” The
agency “expect[s] performance to remain strong given recent trends and
management's ability and willingness to adjust its budget, resulting in
continued stability in its very strong reserves and cash balances.”
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News
Media: For more information, contact Communications Director Barbara Pierce at Barbara.Pierce@cityofrochester.gov.