Moody's Investors Services affirms good rating for City of Rochester
Posted at: 08/14/2013 8:36 PM
A high grade for the city of Rochester on its financial position. Mayor Tom Richards says Moody's Investors Services has affirmed the city's current credit rating of Aa3.
Moody's report says the rating shows the city's financial position is good, despite persistent economic challenges.
The rating determines the interest rate the city will pay when it borrows money. A high rating means the cost of borrowing will be lower.
Moody's says one of the city's strengths is strong fiscal management. The mayor says he has resisted going for quick fixes when the city's finances are under stress and that is reflected in the good credit rating.
Moody's predicted that growth for Rochester would continue as a result of the College Town project, the $200 million in Center City investment currently underway, Eastman Business Park activities, Windstream moving to the Midtown Plaza site, the Port of Rochester project and an improved unemployment rate.