News Release -- Wall Street Analysts Award Rochester Excellent Credit Ratings

City of Rochester

News Release

(Monday, March 29, 2021) – Mayor Lovely A. Warren today announced that two Wall Street investment-analysis firms have awarded excellent credit ratings to the City of Rochester.

“Despite the challenges of the pandemic, the City of Rochester has an incredible reputation on Wall Street and remains an excellent investment,” said Mayor Warren. “These rigorous reviews of the City’s financial practices reflect our long-standing commitment and reputation for sound fiscal management and prudent stewardship of the taxpayers’ resources. This news is a clear indication that our efforts to create more jobs, safer, more vibrant neighborhoods and better educational opportunities in our city are working.”

In separate credit reports released this month, Moody’s Investors Service affirmed Rochester’s A2 bond rating; Fitch Ratings Inc. has affirmed the City’s AA- rating.

The favorable ratings reduce Rochester’s interest payments on loans secured through bond sales.
In its analysis, Moody’s cited the City’s conservative budgeting practices, strong financial management and Downtown investments in job creation.

“While many of the companies moving into downtown are of the smaller variety, it creates diversity amongst the workforce and moves the city away from its exposure to the large firms that once dominated the city landscape,” Moody’s stated in its Credit Opinion of Rochester. “That being said, the city continues to actively pursue opportunities to bring in the larger companies”

Moody’s also restored Rochester’s financial outlook to stable after downgrading it to negative in 2019 because of its financial relationship with the then-troubled City School District. The analysis cited the State’s education monitor as a factor.

Fitch also cited the City’s commitment to conservative budget practices during the pandemic to reach its conclusion. “The city built and maintained strong reserve levels through the economic recovery, driven by conservative budgeting practices … The city has demonstrated strong budget management through the recent economic recovery,” the report stated.

###

For more information, contact Justin Roj at Justin.Roj@CityofRochester.gov.