FOR IMMEDIATE RELEASE: November 18, 2020
North Hempstead Assigned Aaa Rating from Moody’s Investors Services
MEDIA CONTACTS: Gordon Tepper, Rebecca Cheng, Matthew Leonenko and Michael Anderson | (516) 869-7794
North Hempstead, NY – North Hempstead Town Supervisor Judi Bosworth and the Town Board announced today that the independent Wall Street bond rating agency Moody's Investors Service has assigned a Aaa rating to the Town’s $4 million Public Improvement Refunding Serial Bonds (2020 Series E) and $26.7 million Public Improvement Refunding Serial Bonds (2020 Series F Federally Taxable), the highest rating by Moody’s.
Moody’s also maintained a Aaa rating on the Town’s outstanding general obligation limited tax (GOLT), with a stable outlook. This represents the Town’s 9th consecutive positive credit action since being granted the Aaa rating – the highest a municipality can obtain. Having a Aaa rating can help provide the Town more favorable interest rates when going out to bond.
Moody’s stated: “The stable outlook reflects the town's conservative fiscal management practices, which will support continued healthy operating performance and maintenance of a strong financial position.”
“The Town’s Triple-A rating helps us realize significant savings for our taxpayers while building upon our reserves,” said Supervisor Bosworth. “It is rewarding to see our hard work and fiscal responsibility reflected in this credit opinion from Moody’s.”
Moody’s also cited:
- The Aaa issuer rating reflects a health financial position
- Despite some coronavirus related revenue losses, reserve are not likely to be materially impacted given the town’s conservative budging