2011 Comprehensive Annual Financial Report Released
The City's Comprehensive Annual Financial Report for for fiscal year ended June 30, 2011 has been released and is available in PDF format here.
City Bond Ratings Remain Strong Despite Economic Climate
Standard and Poor’s and Moody’s Investors Service released their most recent bond ratings in February 2010, affirming Rochester’s scores of “A” and “Aa3” respectively.*
Both agencies describe Rochester as a good investment, despite the challenges of the current economy.
Standard and Poor’s cited such strengths as a five year growth trend of property and sales-tax revenues; Rochester’s ongoing role as a regional employment, service, health and educational center for western New York; and a low to moderate debt burden.
“Rochester’s financial management remains the city’s primary credit strength, especially given the area’s weakened economy,” Standard and Poor’s wrote in its rationale for the rating.
Likewise, Moody’s also credited Rochester’s sound financial management practices.
“Given the challenges of our current economy, it’s very gratifying to see that we’re maintaining our strong credit ratings,” said Rochester Mayor Robert J. Duffy. “This is a demonstration of our prudent financial management.”
*Note: Aa a result of modifications to Moody’s rating scale, the ‘A2” rating of the City is now referred to as ‘Aa3.’ This rescaling does not represent any change in Moody’s credit rating of the City.