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Moody's Upgrades Town’s Outlook from ‘Stable’ to ‘Positive’

March 17, 2016
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Moody's Upgrades Town’s Outlook from ‘Stable’ to ‘Positive’

Town Maintains Highest Bond Rating in its History

North Hempstead, NY – North Hempstead Town Supervisor Judi Bosworth announced today that the independent Wall Street bond rating agency Moody's upgraded the Town’s outlook from “stable” to “positive” and retained the Town’s Aa1 rating for the Town’s $13.6 million Public Improvement Serial Bonds, 2016 series. The Town’s outlook had been rated as “stable” since 2010. The bond rating continues to be the highest in the Town’s history. North Hempstead remains fiscally strong while other townships in Nassau County have seen their bond ratings downgraded.
Moody’s stated: “The positive outlook reflects our expectation that the town will increase reserve levels modestly in fiscal 2015 and maintain balanced operations going forward. The outlook also reflects the town’s conservative fiscal practices, which will support healthy operating performance and maintenance of a strong financial position, as well as full payment of pensions beginning in fiscal 2017.”
“The upgrade in our outlook by Moody’s reflects the hard work by this administration to budget conservatively and to keep the Town on a solid financial footing, while maintaining the services that our Town residents expect and deserve,” said Town Supervisor Bosworth.
In its report, Moody’s also stated that the “town is experiencing various development projects throughout its base, including residential and commercial construction in Port Washington, New Hyde Park, Carle Place, Greenvale, Manhasset and Searington. The town is well-located adjacent to New York City, providing strong employment opportunities to residents.”

Moody’s also commented on the Town’s financial future and said, “The town is actively working to lower its debt burden, and its five-year capital plan includes debt issuance smaller than annual debt amortization amounts.”
View what Moody’s has to say: Moodys Assigns Aa1 to North Hempstead NY 2016A Bonds Outlook


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