New Rochelle's Bond Rating Upgraded

NEW ROCHELLE, NY — The bond rating for the City of New Rochelle has been upgraded by Moody's Investors Services.

Moody’s raised the bond rating from Aa3 to Aa2, the city announced today.

With New Rochelle’s 10-year capital improvement plan on the horizon, the city will benefit from lower interest costs at substantial savings to taxpayers, a spokeswoman said.

According to Moody’s, the upgraded rating reflects the city’s maintenance of a stable tax base, healthy fund balance and moderate pension costs and debt burden.

City Manager Charles Strome III said the city was thrilled to learn of the upgrade.

“We are gratified that our sound financial practices have been affirmed and rewarded,” he said.

Strome noted the city's adopted 2017 budget reflects a continued commitment to fiscal responsibility, restores critical public services, funds a 10-year capital plan and maintains a strong fund balance.

The City’s bond rating was A-1 in 1993, was upgraded to Aa3 in 2007 and is now Aa2.

“This upgrade by Moody’s is a major accomplishment, giving New Rochelle its highest ranking in over 80 years,” said Mayor Noam Bramson, adding that it’s good news for taxpayers because they will reap the benefits of hundreds of thousands of dollars in savings over the next few decade.

Moody’s release can be seen here.

Photo credit: Michael Woyton/Patch Staff.