FOR IMMEDIATE RELEASE: September 1, 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 Service
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 $23.4 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 14th 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 Aaa issuer rating reflects the town's stable financial operations with healthy reserve levels and strong economic profile.”
“I am extremely proud that the Town has received a Aaa bond rating from Moody’s,” Supervisor Jennifer DeSena said. “My administration has made it a priority to run this Town with a taxpayer-first principle, and this fourteenth consecutive affirmation of the Town’s Aaa Bond rating is further proof that the Town is being run in a fiscally sound manner. The Aaa rating is the highest a Town can achieve and will save residents real money as the Town will continue to pay significantly less money in interest. The best part is we were able to achieve this rating while also unanimously passing a 5% tax cut in this year’s budget.”
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.
• While the town is largely built out and is not likely to grow at the same rate as the rest of the country, this is offset by the strong resident income and full value per capita.