YONKERS – Moody’s Investors
Service and Standard & Poor’s have assigned “A”
ratings to the City of Yonkers for the second year in a row.
Mayor Michael Spano said the bond ratings “verify the city’s
improved financial stability since 2013.”
Moody’s reassigned an “A3” rating to the city’s
general obligation bonds, while S&P reassigned Yonkers with an “A”
long-term rating. Yonkers previously held a “Baa1” Bond rating
by Moody’s and “BBB+” from S&P in 2013.
“Given the fiscal challenges that Yonkers has faced, I am pleased
with the latest bond ratings as they continue to be the highest Yonkers
has received in 40 years,” Spano said. “These ratings reflect
my administration’s hard work and commitment over the latest four
years to strengthen the fiscal issues facing our city. Working together
with our governor and state delegation, we continue to illustrate a financial
plan that Moody’s and S&P have deemed secure and responsible.”
According to both agencies, the leading factor for the city’s rating
is its improved financial management, including recent legislation giving
city management greater control over the Yonkers Board of Education finances.
