NEW ROCHELLE – Moody’s
Investors Services has confirmed the City of New Rochelle’s bond
rating at Aa2, insuring the city can continue to take advantage of low
financing rates. The city was upgraded from Aa3 in January.
City officials said with New Rochelle’s 10-year capital improvement
plan underway, the city will benefit from lower interest costs at substantial
savings to taxpayers.
According to Moody’s, the sustained rating reflects the city’s
multi-year trend of operational surpluses and healthy financial position,
along with maintenance of a stable tax base and moderate pension costs
and debt burden.
“We are gratified that our bond rating remains strong,”
said city Finance Commissioner Tracy Yogman. “This will translate
to further savings in the years ahead.”
