Standard and Poor’s has uprated the City of Rochester’s credit rating.
The agency raised its rating on the city’s bond debt from A+ to AA-. They cite mainly the increase in city property values…up by more than nine-and-a-half percent in the past year. That’s partly due to the federal government decision to put the headquarters of its Photonics Research program in Rochester.
The report also says the city has strong financial management and good liquidity of assets.
A higher bond rating means the city spends less to borrow money for major projects, meaning they cost the taxpayers a bit less.