FOR IMMEDIATE RELEASE: August 16, 2016
MEDIA CONTACTS: Carole Trottere, Rebecca Cheng, Sam Marksheid, and Vicki DiStefano | (516) 869-7794
Moody's Reaffirms North Hempstead’s Strong Fiscal Outlook
Town maintains highest bond rating in its history & positive outlook
North Hempstead, NY – North Hempstead Town Supervisor Judi Bosworth announced today that the independent Wall Street bond rating agency Moody's Investors Service, Inc. has once again affirmed the Town's strong fiscal outlook for 2016. The Town’s Aa1 rating will positively affect its $67.3 million Public Improvement Serial Bonds, 2016 series B and C. The outlook remains “positive.” This is the fifth consecutive Aa1 bond rating in two years.
In a release by Moody’s issued earlier today, the bond rating agency said: “The rating reflects the expected maintenance of a solid financial position given management’s conservative budgeting. The rating also factors the town’s enhanced long-term financial planning and internal controls, a large and affluent tax base with high income levels and ample local employment opportunities.”
Moody’s also commended the Town’s rating outlook by stating: “The positive outlook reflects our expectation that the town will maintain reserve levels and balanced operations going forward, as it works to decrease debt. The outlook also reflects the Town’s conservative fiscal management practices, which support healthy operating performance and maintenance of a strong financial position...”
“This endorsement, for the third consecutive year from Moody’s, reflects the hard work by this administration to keep the Town on a solid financial footing,” said Town Supervisor Bosworth. “This bond rating enables us to keep low interest on our debt, lowering costs for taxpayers.”