A report in Monday afternoon from Moody’s Investors Service has re-affirmed the City of White Plains Aa1 credit rating, which is the second highest rating a municipality can receive (just below a “triple-A”), and importantly, has revised the City’s outlook from negative to stable.
The City of White Plains first received a negative outlook in December 2009. The change back to a stable outlook status can be attributed to the City’s demonstrated ability to restore its fund balance reserve levels, properly balance its budgets and take actions that have strengthened it’s financial position, such as reducing the level of the workforce, firming up revenues and moderating other areas of expenditures.
In a release accompanying the report, Mayor Roach said, “Since 2010 the City has gone through a lot of pain but has worked diligently to right the ship. I am pleased that these efforts have been recognized by Moody’s and would like to acknowledge my Council colleagues for their steadfastness as well as the City’s finance and budget team. This continues to be an ongoing process for us and we will continue to work together to improve the City’s financial position while providing the high level of service that our residents have come to expect and that makes White Plains a great place to live, work and visit.”