Mayor Lovely A. Warren announced Wednesday that Moody’s Investors Service has once again assigned the City of Rochester a MIG 1 rating on the City’s upcoming sale of $23.2 million in bond anticipation notes, which will fund various capital projects throughout the city. This is Moody’s highest rating for short-term borrowing. Moody’s has also re-affirmed Rochester’s Aa3 rating on General Obligation long-term debt.
“Wall Street analysts continue to recognize that Rochester is an excellent investment because City employees are careful stewards of the financial resources entrusted to us by our taxpayers and customers,” said Mayor Warren. “These credit ratings result in the City paying lower interest payments and gives us increased access to capital to make the strategic investments that secure our city’s future. I want to thank the financial team that helps us maintain Rochester’s excellent financial status, including Finance Director Rosiland Brooks-Harris and Budget Director Chris Wagner.”
In a credit opinion released Tuesday, Moody’s assigned the City a “stable outlook.”
“The stable outlook reflects the expectation that reserves and liquidity will remain healthy given strong financial management and conservative budgeting,” Moody’s analysts wrote in the opinion.
The opinion noted that Rochester’s economy continues to diversify as a result of ongoing investments in new industry,
“The city has shown how resilient it can be when faced with the loss of major employers over the past decade,” the analysts wrote. “This is evident at the Eastman Business Park where many of the former Kodak buildings are now being used for a wide range of businesses, including energy storage, photonics and chemical manufacturing.”
Moody’s also credited the presence of institutions like the University of Rochester and Rochester Institute of Technology.
“Not only do both universities provide a stable workforce but they also partner with the city and local businesses to keep well-educated graduates local,” the analysts wrote.