City of Rochester
News Release
(Tuesday, July 25, 2023) – Mayor Malik D. Evans announced today that Standard & Poor’s Global Ratings (S&P) agency has assigned its SP-1+ short term rating to the $105.2 million 2023 series II general obligation bond anticipation notes dated Aug. 1, 2023.
“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 and note 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 and note rating. Strong bond and note 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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The Administration of Mayor Malik D. Evans strives to create a
safe, equitable and prosperous Rochester by inspiring hope and delivering
opportunity for everyone. Guided by the Administration’s Mission, Vision and Values and the principles of the “Rochester 2034”
comprehensive plan, City employees are committed
to providing exceptional customer service, transparent stewardship, and
collaborative leadership to foster a vibrant community that empowers personal,
professional and generational growth for all who live, work or play in the city
of Rochester.