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Moody’s Investors Services confirmed the City of New Rochelle’s bond rating at Aa2, insuring that the City can continue to take advantage of historically low financing rates for capital improvement projects at substantial savings to taxpayers. New Rochelle has maintained this rating since being upgraded to Aa2 from Aa3 in January 2017.
According to Moody’s, the sustained rating reflects the City’s stable financial operations with healthy reserve levels, large sized tax base, average wealth levels for the region and manageable debt burden. Moody’s additionally noted that while the city was one of the first and hardest hit communities in New York by the coronavirus it's impact on the city's credit profile was minimal. Construction of existing projects was only halted temporarily and the city was able to manage its expenses to offset revenue declines.
“We are very pleased to have maintained our strong credit rating during these challenging times” said City Manager Charles B. Strome, III. “This is a result of the sound budgeting practices endorsed by the Mayor and City Council, and the ongoing commitment of each department head and their staff to fiscal responsibility.”
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. Moody’s release can be reviewed at moodys.com.