FOR IMMEDIATE RELEASE: March 8, 2022
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 $21.8 million Public Improvement Serial Bonds and $510,000 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 12th 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 proud that the Town of North Hempstead once again received a Aaa bond rating from Moody’s,” Supervisor DeSena said. “This rating is the highest a Town can achieve and will benefit our taxpayers greatly, producing significant savings in the long run.”
Moody’s also cited:
• The Aaa issuer rating reflects a healthy financial position, a large and wealthy tax base and a manageable debt burden with above-average fixed costs.
• While the fiscal 2021 audit is not yet complete, management forecasts that reserves will remain sound in all funds.
• The fiscal 2022 budget is conservative and will likely result in maintenance of strong reserves through the remainder of the year.