RCSD says Moody's upgraded city's credit score after budget fixes

Created: March 29, 2021 05:56 PM

ROCHESTER, N.Y. (WHEC) — The Rochester City School District says getting its books in order is improving the city's credit.

Monday afternoon the district said Moody's Investor Services has upgraded Rochester's credit rating from "negative" to "stable."

Officials say the new rating is based on improvement in the district's general fund as well as the guidance from the state-appointed monitor.

The superintendent says the district was able to make the changes in less than a year.

In December of 2019, Moody's downgraded the city's credit rating, citing the RCSD's budget gap as well as MIG 2 on its bond anticipation notes.

At the time, the Moody’s report said closing the budget gap could lead to an upgrade.

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