FOR IMMEDIATE RELEASE: April 3, 2017
MEDIA CONTACTS: Carole Trottere, Rebecca Cheng, Sam Marksheid, and Vicki DiStefano | (516) 869-7794
Moody's Assigns Highest Possible Rating to Town’s Bond Anticipation Notes
Moody’s: “…rating reflects the ‘Town’s strong underlying credit quality’
North Hempstead, NY – North Hempstead Town Supervisor Judi Bosworth announced today that the independent Wall Street bond rating agency Moody's assigned a MIG 1 rating to the Town of North Hempstead’s $7.3 million Bond Anticipation Notes (BAN), the highest possible rating attainable for the Town’s short term notes. This comes after news earlier this month that the Town was upgraded to a Aaa bond rating, the highest in the Town’s recent history.
In a release by Moody’s issued yesterday, the bond rating agency said:
“The assignment of the MIG 1 rating reflects the town’s strong underlying credit quality…”
“History of balanced operations resulting in stable financial reserves.”
The Moody’s opinion also went on to state “…the town has actively worked to lower its total debt burden in recent years…”
“This rating affirms that we are vigilant and conservative in our short-term borrowing procedures, which enables us to minimize interest rates on our debt, thus lowering costs for taxpayers,” Supervisor Bosworth said.