March 5, 2015
Supervisor Adam Bello announced today that Moody’s Investors Service has upgraded the Town of Irondequoit’s general obligation debt rating to Aa3.
“This Moody’s rating confirms that the Town of Irondequoit offers an excellent investment opportunity for new and growing businesses and for our residents,” said Supervisor Adam Bello. “The report further demonstrates Irondequoit’s stability and my commitment to responsible fiscal discipline in my hometown.”
This is a significant improvement for the Town of Irondequoit, which had been rated A1 since 2010. Even in the face of “high fixed costs and economically sensitive revenue sources, Irondequoit’s conservative budgeting and healthy reserves” weighed heavily in Moody’s calculations, according to the report.
“Conservative budgeting drives solid financial performance,” states Moody’s ratings report. Such dependability and accomplished budgeting processes will result in “increased financial flexibility,” which will continue to benefit Irondequoit residents and visitors for years to come.