FOR IMMEDIATE RELEASE: March 3, 2023
MEDIA CONTACTS: Gordon Tepper, Rebecca Cheng and Michael Anderson | (516) 869-7794
Brian Devine | (516) 869-2475
North Hempstead Assigned Aaa Rating from Moody’s Investors Services
North Hempstead, NY – North Hempstead Town Supervisor Jennifer DeSena 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 $21.7 million Public Improvement Serial Bonds and $396,000 Public Improvement Bonds (Federally Taxable). 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 13th 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.”
“I am extremely proud that the Town has once again received a Aaa bond rating from Moody’s,” Supervisor Jennifer DeSena said. “This rating is the thirteenth consecutive affirmation of the Town’s Aaa Bond rating, and is indicative of the hard work, dedication, and discipline throughout budget season. The Aaa rating is the highest a Town can achieve and will produce significant savings in the long run. I’m pleased that the Town was able to accomplish this while also unanimously passing a 5% tax cut in this year’s budget.”
It is incumbent upon us to continue the great progress we have made and remain focused on what truly matters -- keeping costs low for taxpayers while offering outstanding services.
Moody’s also cited:
• 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.
• Credit strengths include large and diverse tax base with high income levels and ample local employment opportunities.