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The positive outlook “enhances the credit worthiness of the city’s debt and means that the city will enjoy lower interest costs on general obligation bonds that may be issued in the future.”
Specifically, the Moody’s report cited “the city’s large tax base and above-average wealth levels. The rating also takes into account the city’s adequate reserve position and low debt burden. The positive outlook reflects the city’s recent transition from deficits to surpluses and the expectation that this trend will continue.”
“This is good news for the taxpayers of New Rochelle, and evidence of the city’s sound financial management,” New Rochelle Mayor Noam Bramson said. “We will continue working to strengthen our local economy and tax base, even as we seek efficiency in local government.”
Finance Commissioner Howard Rattner noted that the designation awarded to New Rochelle by Moody’s is the highest rating the city has received in nearly a century.
“The designation of positive outlook is a major accomplishment and represents the highest rating achieved by the city in the past 80 years,” he said. “Continuation of our present budgetary practices will insure the future financial stability of the city.”
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