NEW ROCHELLE – Moody’s Investors Services has confirmed the existing rating of Aa3 to the City of New Rochelle’s upcoming bond refinancing and has assigned a positive outlook to the city’s general obligation debt.
The positive outlook designation enhances the credit worthiness of the city’s debt and means the city will enjoy lower interest costs on general obligation bonds that may be issued in the future, officials said.
“This is good news for the taxpayers of New Rochelle and evidence of the city’s sound financial management,” said Mayor Noam Bramson. “We will continue working to strengthen our local economy and tax bases, even as we seek efficiency to local government.”
In confirming the rating, Moody’s noted the city’s sizable tax base, above average wealth indices, low debt burden and adequate reserve position. The positive outlook recognizes the city’s “recent transition from deficits to surpluses and the expectation that this trend will continue.”
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