Rochester Reporter

Mayor Malik D. Evans announced that S&P Global Ratings has assigned its SP-1+ short-term rating to Rochester’s $27 million general obligation bond anticipation notes. The financial grading firm also affirmed its AA- and SP-1+ ratings on the city's existing general obligation bonds and bond anticipation notes.

“This bond rating reflects sound financial practices within City government, the increasing value of the city’s tax base, and other positive economic indicators,” said Mayor Evans. “This is a clear indication that our strategic investments to accelerate business growth, empower residents, and expand generational wealth in every neighborhood are working.”

Bond ratings benefit the city by lowering interest rates on debt and serve as an objective assessment from experts on the city's financial practices and economic outlook.

S&P cited several factors for the rating, including strong financial policies, high reserves, manageable costs and debt, robust financial planning and monitoring; economic development initiatives focusing on industrial sectors, office space, housing; a stable tax base; and rising home values with growth exceeding $4 billion.

For more information, contact Communications Director Barbara Pierce at Barbara.Pierce@cityofrochester.gov.