Moody’s Investors Services confirmed the City of New Rochelle’ bond rating at Aa2, insuring that the City can continue to take advantage of historically low financing rates. With New Rochelle’s 10-year capital improvement plan underway, the City will benefit from lower interest costs at substantial savings to taxpayers. New Rochelle was upgraded to Aa2 from Aa3 in January 2017.
According to Moody’s, the sustained rating reflects the City’s multi-year trend of operational surpluses and healthy financial position, along with maintenance of a stable tax base and moderate pension costs and debt burden.
“We are gratified that our bond rating remains strong,” said Finance Commissioner Tracy Yogman. “This will translate to further savings in the years ahead.”
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.