North Hempstead Receives Highest Bond Rating Ever
Moody’s Upgrade Town’s Rating from Aa3 to Aa2
Manhasset, NY – North Hempstead Town Supervisor Jon Kaiman and the North Hempstead Town Board announced today that the Wall Street bond rating agency Moody’s Investor Services has upgraded the Town’s bond rating from Aa3 to Aa2.This upgrade represents the highest bond rating in the Town’s history.
In their press release, Moody’s stated that, “The Aa2 rating reflects the Town’s strong financial position resulting from enhanced long-term planning and internal controls . . . and a declining debt burden driven by the Town’s debt management plan.”Moody’s added that it was basing its decision on the Town’s ability, “to maintain a strong financial position through conservative budgeting, strong internal controls and revenue augmentation in line with expenditure growth.”
In addition, Moody's commented that it believes, “the Town's fiscal 2005 operating budget is conservative and will facilitate continued strong operating results.”
“This bond rating upgrade, North Hempstead’s highest ever, comes from an independent Wall Street rating agency, and demonstrates the continued benefits that come from a strategy of conservative budgeting," said Supervisor Kaiman.
Only ten Towns in New York State have Aa2 bond ratings. They are: Carmel, Eastchester, Hempstead, Huntington, Islip, Mount Pleasant, Pittsford, Rye Brook, Southampton, and now North Hempstead.
"Not only does a higher bond rating mean lower interest costs to the Town, but this announcement is the seal of approval by an independent fiscal agency showing that North Hempstead has a solid economic foundation and a strong financial future,” added Supervisor Kaiman.