Rochester’s finances were recognized by a leading agency that provides credit ratings, research and risk analysis.
Moody’s Investors Service gave its highest possible rating to the city’s upcoming $68.9 million bond anticipation notes (BAN) and $50 million revenue anticipation notes (RAN).
The BANs will provide $29 million in new financing and renew $39.9 million in previously issued notes. The RANs will provide cash flow for the City School District in anticipation of state aid later this year.
“Ensuring we protect the budgets of our city’s families is critical,” Mayor Lovely A. Warren said in a news release announcing the Moody’s rating. “These ratings and praise from the investment community are proof that we are delivering programs and services for our residents efficiently and effectively. We will continue to work hard to provide more jobs; safer, more vibrant neighborhoods and better educational opportunities for all of Rochester.”
According to the news release, the recent Moody’s rating reinforces Rochester’s Aa3 long-term bond rating.
The Moody’s rating was the second positive review of city finances this year.
Earlier this year, S&P Global stated that Rochester has the best financial performance of New York’s big urban areas outside of New York City.
S&P Global’s report on “The State of New York’s Big Four Urban Areas Outside of New York City” highlighted Rochester’s strong financial performance in comparison to similar upstate cities.
The news release quoted the report as stating: “Rochester’s performance is stronger than Buffalo, Syracuse, and Yonkers. Rochester’s good management policies and practices resulted in sustained strong budgetary performance, bringing budgetary flexibility to a level we consider very strong at 18% of expenditures. The city management’s ability to maintain revenue and expenditures that lead to budgetary balance and a stable operating environment is one key to its credit quality.”