Mayor Lovely A. Warren announced today that Standard and Poor’s Global Ratings (S&P) and Moody’s Investor Services have maintained the City’s excellent bond ratings.

“These bond ratings demonstrate that Rochester continues to be a good investment,” said Mayor Warren. “Our bond ratings reflect sound financial practices within the City government, the value of the city’s tax base and other positive economic indicators. This is a clear indication that our efforts to create more jobs, safer, more vibrant neighborhoods and better educational opportunities in our city are working.”

S&P assigned an AA- rating to the City’s sale of $35.1 million general obligation bonds for long-term debt. Moody’s assigned an Aa3 rating on the $35.1 million General Obligation bonds for long-term debt and a MIG1 rating for a $10.9 million sale of bond anticipation notes for short-term debt. Both services maintained Rochester’s stable fiscal outlook.

With these ratings, Rochester has the highest bond rating among New York’s largest cities outside New York City. Both services said the ratings could be upgraded if Rochester’s underlying economy continues to grow.

Higher credit ratings result in lower interest rates, which save taxpayers’ money. For instance, the City will save about $400,000 on the upcoming sale of $35.1 million in bonds as a result of having “double A” credit ratings versus a “single A” credit rating as it did previously with S&P.

S&P noted that its rating reflects the City’s “strong management and good financial policies and practices.”