NEW ROCHELLE – Moody’s Investors Service has upgraded the City of New Rochelle’s bond rating from Aa3 to Aa2.
The upgrade reflects “the city’s multi-year trend of operational surpluses and the material improvement to its financial position after years of structural imbalance.” The rating also reflects “the city’s stabilizing tax base and above-average wealth levels, as well as its modest pension and debt burden.” The rating also incorporates “the city’s expectation to draw on financial reserves in fiscal 2017 and its forthcoming debt issuance as part of its 10-year capital plan.”
City Manager Chuck Strome said the city’s adopted 2017 budget “reflects a continued commitment to fiscal responsibility and restores critical public services, funds a 10-year capital plan and maintains a strong fund balance.”
The city’s bond rating was A-1 in 1993, upgraded to Aa3 in 2007, and now is at Aa2.
Mayor Noam Bramson said the upgrade by Moody’s “is a major accomplishment, giving New Rochelle its highest ranking in over 80 years. It is also very good news for taxpayers, who will reap the benefits of hundreds of thousands of dollars in savings over the coming decades.”
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