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September 23, 2019Cart

Business

by Westchester County Business Journal
by WCBJ

Moody’s reaffirms stable credit outlook for White Plains

Moody’s Investors Service has reaffirmed its Aa1 bond rating for the city of White Plains, a rating one notch below Moody’s highest rating.

The stable rating, Moody’s said, “reflects our expectation of continued structural balance given conservative budget management and the local economy’s regional importance.”

The rating marks the city’s bonds as a low credit risk for investors and allows the city to borrow at a low rate.

The credit rating could be boosted further, the report said, through significant growth in the city’s financial reserves and growth and diversification of its tax base.

Mayor Thomas Roach called the rating a “direct result of the city’s fiscally responsible approach to its finances and the diligent work of city Budget and Finance staff and department heads throughout the year.”

He noted that White Plains has stayed within the state property tax cap for the past seven years without borrowing to fund pension costs or tax certiorari payments.

“Each year, we work hard to provide quality services to our residents at a reasonable cost,” he added. “Moody’s has recognized this effort in their rating.”