Great news for New Rochelle taxpayers: Moody’s Investors Service has upgraded the City’s bond rating to Aa2. That’s our best bond rating in more than 80 years! By reducing borrowing costs, the upgrade should save us hundreds of thousands of dollars.
In Moody’s words, “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 further reflects the city’s stabilizing tax base and above-average wealth levels, as well as its modest pension and debt burden. The rating additionally incorporates the city’s expectation to draw on financial reserves in fiscal 2017 and its forthcoming debt issuance as part of its ten-year capital plan.”