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.
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