FOR IMMEDIATE RELEASE: September 1, 2020
Moody's Maintains North Hempstead’s Top Aaa Bond Rating
MEDIA CONTACTS: Gordon Tepper, Rebecca Cheng, Matthew Leonenko and Michael Anderson | (516) 869-7794
Credit rating agency cites Town’s “conservative fiscal management practices”
North Hempstead, NY - North Hempstead Town Supervisor Judi Bosworth announced today that the independent Wall Street bond rating agency Moody's Investors Service has again assigned a Aaa rating to the Town’s $4.2 million Public Improvement Serial Bonds - 2020 Series C and $5 million Public Improvement Serial Bonds – 2020 Series D. Additionally, a MIG 1 rating to the town’s $15 million Bond Anticipation Notes – 2020 Series C.
Moody’s noted the Town’s rating outlook was in response to “conservative fiscal management practices, which will support continued healthy operating performance and maintenance of a strong financial position.” The Town has maintained an Aaa rating by Moody’s since 2016. Aaa is the highest rating a municipality can obtain.
“The Town maintaining an Aaa rating is the result of the outstanding efforts of my financial team to ensure that tax dollars are budgeted conservatively and that debt is managed,” said Supervisor Bosworth. “We appreciate that our hard work was reflected in this positive affirmation from Moody’s.”
Moody’s also noted:
- The Town has a healthy financial position with a manageable debt burden with above average fixed costs
- Due to the Town’s conservative budgeting, there is not likely to be an impact on long-term credit quality with respect to the coronavirus crisis