NEW YORK – Moody’s Investor Services has scored the City of New Rochelle and Town of Beekman well in their latest financial assessments.
The agency has upgraded Beekman’s bond rating to Aa2 from Aa3.
The upgrade to Beekman “reflects its strong and improving reserves and liquidity position driven by years of conservative budgeting and strict financial oversight,” Moody’s wrote “The rating also incorporates the town’s stable and healthy local economy with below-average property wealth and strong resident income profile, and modest long-term liabilities and fixed costs.”
Moody’s confirmation of the City of New Rochelle’s bond rating at Aa2 ensures that “the city can continue to take advantage of historically low financing rates for capital improvement projects at substantial savings to taxpayers.”
New Rochelle has maintained its rating since being upgrades tom Aa2 from Aa3 in January 2017.
According to Moody’s, the sustained rating reflects the city’s stable financial operations with healthy reserve levels, large sized tax base, average wealth levels for the region, and manageable debt burden.
