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Moody’s takes notice of momentum at medical campus

February 8, 2012
Press Release

A publication by Moody's highlighting the growth of the Buffalo Niagara Medical Campus is latest sign that the credit rating agency is taking notice of the revitalized economy in Buffalo, said City Comptroller Mark J.F. Schroeder.

"Our credit rating with Moody's has improved over the last few years, and this latest publication shows that analysts are taking notice of the progress Buffalo has made in forging a new economy based on health care and education," said Schroeder.

Moody's, one of the Big Three national credit rating agencies, published a report last week titled "Buffalo's Economy Continues to Diversify, Led by Education and Health Care." The publication points to the cancer vaccine announcement by Roswell Park Cancer Institute last month, as well as the relocation of the University at Buffalo's medical school to the medical campus as major catalysts in the citys burgeoning health sciences industry. The report also cites the Gates Vascular Institute and Kaleida Health's new nursing home as other projects on the campus that will spur growth.

"The new medical campus and the expanding medical sector, including a number of highly paid research professionals, have been the driving factors in Buffalo's growing tax base," said analyst Robert Weber, assistant vice president of Moody's. "Buffalo's recovery is one of the strongest of any city in the state, with job growth outpacing that of the nation as a whole."

The report by Moody's, known as an issuer comment, serves as an update to investors on the latest developments between annual rating reports. In Buffalo's last two rating reports, the city received an A2 rating and a "positive outlook." The city's current rating is three notches higher than its Baa2 rating in 2008-2009, and four notches higher than its Baa3 rating in 2003-2007.

"Our improving credit ratings show that Buffalo's darkest economic days are behind us," said Schroeder. "However, we must continue to grow the tax base and be disciplined in managing the citys finances in order to build upon our recent progress."

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