Standard & Poor's raised the long-term debt rating of Rochester, N.Y., one notch to double-A-minus Tuesday citing enhanced budget practices.
"The upgrade reflects our opinion of the city's recent increase in market value per capita, good management policies and practices, which have supported
a period of strong budgetary performance, thereby boosting budgetary flexibility to a level we consider very strong." said S&P Global Ratings credit analyst Rahul Jain in a statement.
S&P also assigned a double-A minus rating to Rochester's series I 2016 general obligation bonds noting that the city "maintains a very strong ability to pay principal and interest." Proceeds from the planned sale will be used to refund Rochester's series 2006A and 2006B GO serial bonds. The city is also issuing series II 2016 bond anticipation notes to redeem bonds maturing on Aug. 5, 2016 as well as provide original financing for government facilities and road enhancements.
Rochester is the third largest city in New York State with a population of 210,656 in the 2010 Census. The city is rated A-plus by Fitch Ratings and Aa3 by Moody's Investors Service.
