Fitch affirms Rochester’s strong credit rating
Fitch Ratings has again affirmed the city of Rochester’s high-grade “AA-” credit rating as well as the “stable” rating outlook.
The analysis covered the city’s $68 million in general obligation bonds (GOs) and the issuer default rating (IDR).
Both ratings reflect the city’s “significant independent revenue raising ability, flat revenue growth prospects, solid expenditure controls and moderate long-term liability burden,” the Fitch report said.
The rating also is an indication of the city’s “superior gap-closing capacity, which Fitch expects will enable it to maintain sound financial operations throughout economic cycles.”
“The city’s responsible financial management has once again proven to work for the people of Rochester,” Mayor Malik Evans said in a news release. “The evaluation of the city’s finances is a testament to the excellent work of our financial managers and our commitment to the sound and responsible allocation of our taxpayers’ resources. This rating is an indication that our efforts to create a safe, equitable and prosperous Rochester are working.”
High ratings mean lower interest rates and, according to the city, indicate stability to businesses and investors.”
“Business and investor confidence is vital as the City seeks to draw investment, development, and jobs to Rochester,” the mayor’s office said.
The city finished fiscal 2022 with a $12.5 million general-fund surplus, increasing reserves to $111.5 (20.3 percent of general fund spending and transfers).
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