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S&P Global Ratings gives high marks to city of Rochester
S&P Global Ratings has affirmed the city of Rochester's solid credit rating. (File photo by Kevin Oklobzija)
S&P Global Ratings has affirmed the city of Rochester's solid credit rating. (File photo by Kevin Oklobzija)
S&P Global Ratings gives high marks to city of Rochester
Listen to this articleS&P Global Ratings has affirmed the city of Rochester’s strong credit rating, assigning its highest short-term rating to one segment of debt.
S&P Global gave an SP-1+ rating to Rochester’s $27 million general obligation bond anticipation notes.
The rating service also affirmed the AA- rating on the city’s general obligation bonds and SP-1+ to the bond anticipation notes outstanding.
Higher ratings allow for lower borrowing rates and also can be attractive to bond investors. City leaders say they also are an indicator of the Rochester’s long-term economy.
“This bond rating reflects sound financial practices with city government, the increasing value of the city’s tax base, and other positive economic indicators,” Mayor Malik Evans said in a news release. “This is a clear indication that our strategic investments to accelerate business growth, empower residents and expand generational wealth in every neighborhood are working.”
Factors that helped determine the ratings:
• The city’s financial practices, high reserves, manageable costs and debt, and financial planning and monitoring;
• Economic development initiatives with a focus on the industrial sector, office space and housing;
• A stable tax base;
• Rising home values.
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