Moody's Upgrades Peekskill's Credit Rating

PEEKSKILL, NY — Moody’s has upgraded Peekskill’s credit rating to Aa3 based on “a healthy and improved financial position.”

The decision by the rating agency is independent validation that Peekskill is in strong financial shape and that the policies of the mayor and council have put taxpayers in a strong position, city officials said in an announcement about the upgrade.

“The Moody’s announcement further demonstrates the progress that we’ve made, highlighting not only that we have a friendlier, more collaborative city hall, but a fiscally prudent one as well," said Mayor Andre Rainey.

Moody’s said that the City of Peekskill “benefits from a healthy and improved financial position driven by solid management and conservative budgeting.”

“Peekskill’s $1.8 billion tax base will continue to expand given a stabilizing regional housing market and significant redevelopment projects underway,” the ratings agency said.