FOR IMMEDIATE RELEASE: August 19th, 2024
MEDIA CONTACTS: Umberto Mignardi, Kevin Higgins, Danielle Benjamin, Michael Anderson (516) 869-7794
press@northhempsteadny.gov
North Hempstead Awarded 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 awarded a Aaa rating to the Town’s $8.72 million Public Improvement Serial Bonds. Aaa is the highest rating provided by the agency.
Moody's is a global firm that offers credit ratings, research, and risk analysis for issuers and issues in the US municipal market. Their ratings help organizations create debt strategies, attract more investors, and provide investors with a comprehensive view of global debt markets.
Moody’s maintained the Aaa rating on the Town’s outstanding general obligation limited tax (GOLT), with a stable outlook, the strongest outlook possible for Aaa. This represents the 16th 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.” They also noted “conservative budgeting of sales tax revenue” that offset any losses.
“The Moody’s rating reflects the hard work of our North Hempstead team, but, more than that, it tells the story of town employees who keep an eye on the bottom line,” said Supervisor DeSena. “With two years of tax cuts and strong fiscal oversight, Triple A is the North Hempstead mindset every day.”
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.