Rochester’s bond rating has been upgraded to A+ by Standard & Poor’s Financial Services LLC, and two other agencies have assigned similar ratings, city officials said Thursday.
S&P raised its rating from A. Fitch Ratings Ltd. also gave Rochester an A+. Moody Investors Service Inc. has reaffirmed its Aa3 rating, which is higher than the other companies’ designations, city officials said.
“Even in the most challenging environment since the Great Depression, Rochester remains a good investment,” Mayor Thomas Richards said in a statement.
“These bond ratings affirm our commitment to sound financial management and careful stewardship of the resources entrusted to us by the taxpayers and customers of Rochester.”
S&P cited the city’s role as the region’s commercial center, conservative financial management practices and manageable debt burden as reasons for its upgrade, officials said.
Moody’s also pointed to Rochester’s conservative practices.
“The Aa3 rating reflects the city's maintenance of a satisfactory financial position despite persistent economic challenges and an above-average debt burden,” the service said in a statement July 24. “The rating also factors in the city's large tax base with significant institutional presence.”
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