Moody’s have given the city an MIG 1 rating on the City’s $18.3 million Bond Anticipation Notes, 2015 Series I. The service has also affirmed Rochester’s Aa3 rating on general obligation long term debt, and assigned the city a stable outlook.
Moody’s cited the city’s strong fiscal management practices to close budget gaps and maintain healthy reserves, along with the presence of the University of Rochester and the Rochester Institute of Technology in the local economy as strengths in the ratings.
“The stable outlook reflects our belief that the city’s cash and reserve positions will remain satisfactory due to proactive management initiatives despite a number of financial pressures,” Moody’s wrote in a report on Rochester’s financial status. “We expect the city’s tax base to remain stable given ongoing construction projects and diversification of the city’s tax base, despite the struggles at Eastman Kodak.”
In addition, “These credits ratings confirm that the city of Rochester remains an excellent investment, and is well positioned to grow and thrive in the 21st century economy,” said Mayor Warren. “This report demonstrates that we are being good stewards of the city’s financial resources, which enables us to make sound and strategic investments that lead to safe neighborhoods, more jobs and better schools.” As evidence of tax-base diversification, Moody’s noted the University of Rochester’s $100 million College Town project; $200 million in investments in the Center City; redevelopment of the Midtown Plaza site; the Cody Gate Ventures investment in Eastman Business Park; and the ongoing development of the Port of Rochester.
“A highly educated population, well-regarded institutions, and a highly-skilled workforce, position the Rochester MSA to take advantage of the tech advancement spreading across the state,” M