New Ro Finances in Good Shape

Moody’s has confirmed New Rochelle’s strong Aa2 bond rating, a welcome validation of our fiscal health and management. Here’s the full press release from City Hall:

Moody’s Investors Services has confirmed the existing rating of Aa2 to the City’s upcoming $8.6 million bond issue.  This designation maintains the credit worthiness of the City’s debt and means that the City will enjoy lower interest costs on general obligation bonds that may be issued in the future.

City Manager Charles Strome said, “This is good news for the taxpayers of New Rochelle and evidence of the City’s sound financial management.  We will continue working to strengthen our local economy and tax base, even as we seek efficiency in local government.”

In confirming the Aa2 rating, Moody’s noted the City’s stable financial operations, healthy reserve levels, sizable tax base, average wealth indices and manageable burden.

Moody’s Investors Services is one of the world’s leading providers of independent credit ratings, research, risk analysis and financial information to the investment community.  Bonds rated as Aa comprise what is commonly known as high grade bonds with minimal long term risk concerns.