City of Rochester
Credit Rating Agency Cites Strong Fiscal Management
(Wednesday, Aug. 14, 2013) — Mayor Thomas S. Richards today announced that the City of Rochester has been assigned the “Best Quality” designation of MIG-1 (Moody’s Investment Grade) to its 2013 Series I Bond Anticipation Notes by Moody’s Investor Services. Moody’s also affirmed the City’s Aa3 rating on its long-term General Obligation debt.
The City’s Aa3 rating reflects the City’s satisfactory financial position despite persistent economic challenges, according to a Moody’s report. The credit rating agency cited the City’s “strong fiscal management which has led to historically strong reserves” as one of the City’s strengths in its ratings rationale.
“While it is tempting to opt for quick fixes without regard to their long term implications during times of financial stress, I have chosen to resist that temptation and that is reflected in our good credit rating,” said Mayor Richards. “I would like to commend all of our City employees who are our partners in providing quality service to our residents in the most efficient and cost effective manner.”
The Moody’s analysis cited the City’s growth and stated that Rochester’s financial position is expected to remain stable despite economic challenges.
Moody’s predicted that growth for Rochester would continue as a result of the College Town project, the $200 million in Center City investment currently underway, Eastman Business Park activities, Windstream moving to the Midtown Plaza site, the Port of Rochester project and an improved unemployment rate.
The MIG-1 best quality rating for the City’s debt instruments was given for the presence of strong protections by established cash flows, superior liquidity support and broad-based access to the market for financing.
News media: For more information, contact City Finance Director Brian Roulin at 428-7151.