FOR IMMEDIATE RELEASE: March 4, 2021
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 $12.9 million Public Improvement Serial Bonds (2021 Series A). This 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 10th 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.”
“We appreciate Moody’s once again recognizing the Town’s hard work in maintaining a fiscally conservative budget, while still ensuring outstanding services for residents,” said Supervisor Bosworth. “Ultimately, this will result in benefits and savings for our taxpayers.”
Moody’s also cited:
- The Aaa issuer rating reflects a healthy financial position
- Despite some coronavirus related revenue losses, reserves are not likely to be materially impacted given the town’s conservative budging
- Management continues to estimate that all major funds will end the year with balanced, if not surplus, operations