First Upgrade in Sixty-Nine Years
Moody’s Investors Service has upgraded the City’s bond rating from A1 to AA, the first such increase since 1938. Moody’s ratings are generally regarded as the best and most objective assessment of a municipality’s fiscal condition and economic health. New Rochelle’s upgrade, therefore, is a powerful validation of the City’s fiscal management and economic development strategy. This is also excellent news for local taxpayers, who will now save money on interest costs. In its analysis, Moody’s cited the City’s improving financial condition, moderate debt burden, and conservative budgeting practices, together with the recent elimination of the so-called property tax cap, as well as projected revenue from ongoing development as the basis for its decision. The full text of Moody’s analysis can be viewed HERE. (I apologize for the poor quality of the pdf scan.)