Rochester Plans $34M GO Refunding

The upstate city of Rochester, N.Y., is expected to sell $34 million of general obligation bonds in two series this week.

Ramirez & Co. will price the bonds and Timothy R. Curtin LLC will serve as bond counsel. Both series will have maturities from 2015 through 2031.

Proceeds will refund a portion of the city’s outstanding GOs, Series 2004A and 2004B, with an estimated net present-value savings of 5.3%.

Moody’s Investor’s Service assigned the bonds a Aa3 rating, citing the city’s satisfactory financial position despite persistent economic challenges and an above- average debt burden.

Fitch Ratings assigned an A-plus rating based on satisfactory general fund reserves.

For reprint and licensing requests for this article, click here.
New York
MORE FROM BOND BUYER