FOR IMMEDIATE RELEASE: September 2, 2021
MEDIA CONTACTS: Gordon Tepper, Rebecca Cheng, Matthew Leonenko and Michael Anderson | (516) 869-7794
North Hempstead Assigned Aaa Rating from Moody’s Investors Services
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 $15.3 million Public Improvement Serial Bonds. Aaa is the highest rating provided 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 11th consecutive instance in which the Town has maintained its Aaa bond rating with Moody’s since becoming a Aaa bond rated municipality in March of 2017.
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.”
“This is the eleventh consecutive Aaa from Moody’s, and reflects the hard work and dedication that the Town has taken to ensure that we remain on solid financial footing,” said Supervisor Bosworth. “We thank Moody’s for recognizing this and we are proud that our bond rating enables us to keep costs low for taxpayers while still offering outstanding services for residents.”
Moody’s also cited:
• The Aaa issuer rating reflects a healthy financial position
• Despite the pandemic, management was able to weather the revenue losses through a combination of conservative budgeting and expense reductions
• Fiscal 2021 budget results are trending positively and will be further bolstered by federal monies