NEW ROCHELLE, NY — Moody’s Investors Services has upgraded the City of New Rochelle’ bond rating from Aa3 to Aa2, the City announced today. With funding of New Rochelle’s robust 10-year capital improvement plan on the horizon, the City will benefit from lower interest costs at substantial savings to taxpayers.
According to Moody’s, the upgraded rating reflects the City’s maintenance of a stable tax base, healthy fund balance, and moderate pension costs and debt burden.
“We are thrilled to learn today of the Moody’s upgrade,” said New Rochelle City Manager Chuck Strome, “We are gratified that our sound financial practices have been affirmed and rewarded.” The City’s adopted 2017 budget reflects a continued commitment to fiscal responsibility, Strome noted, and restores critical public services, funds a ten-year capital plan and maintains a strong fund balance.The City’s bond rating was A-1 in 1993, upgraded to Aa3 in 2007, and is now an impressive Aa2.
“This upgrade by Moody’s is a major accomplishment, giving New Rochelle its highest ranking in over 80 years,”” said Mayor Noam Bramson. “It is also very good news for taxpayers, who will reap the benefits of hundreds of thousands of dollars in savings over the coming decades.”
Moody’s Investors Services is one of the world’s leading providers of independent credit ratings, research, risk analysis and financial information to the investment community. Moody’s release can be reviewed here