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Moody's Upgrades North Hempstead to Aaa

March 17, 2017
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Moody's Upgrades North Hempstead to Aaa

Credit rating agency cites Town’s ‘conservative budgeting & solid financial reserves’

North Hempstead, NY – North Hempstead Town Supervisor Judi Bosworth announced today that the independent Wall Street bond rating agency Moody's Investors Service has upgraded the Town to Aaa, with a stable outlook, up from Aa1. This is Moody’s top rating. The bond rating agency assigned the Aaa rating to the Town’s $60.7 million Public Improvement Serial Bonds, 2016 Series A and B. The Aaa rating will save taxpayer dollars, as the Town will likely experience more favorable rates on bonds.
North Hempstead is the only town in Nassau County with a Aaa rating; as other townships in Nassau County have seen their bond ratings downgraded. This bond rating is the highest in the Town’s recent history.
Moody’s stated: “The rating reflects the town’s conservative budgeting which supports balanced financial operations and maintenance of solid financial reserves. The rating also factors the Town’s enhanced long-term financial planning and internal controls, large and affluent tax base and low debt burden.”
“The Town’s Triple A rating is a reflection of the efforts by my financial team and each and every Town employee, who is committed to delivering services while keeping a watchful eye on the budget,” said Supervisor Bosworth. “It’s extremely satisfying to see the Town’s fiscally conservative practice recognized in Moody’s opinion. It will translate into savings for our hard-working taxpayers.”
Moody’s also cited:
• The Town’s balanced and conservative budgets that include no one shots revenue sources
• A history of balanced operations resulting in stable financial reserves
• The Town’s ability to operate within a state-imposed tax cap for the foreseeable future
• The Town lowering its total debt burden in recent years
In its report, Moody’s also stated that “the stable outlook reflects the town’s conservative fiscal management practices, which will support healthy operating performance and maintenance of a strong financial position, as well as full payment of pensions going forward. The outlook also reflects the town’s large tax base…”
Moody’s also considered a variety of development projects underway across the Town, when rating the Town. These included residential and commercial construction in Port Washington, New Hyde Park, Carle Place, Greenvale, Manhasset and Searingtown.

To read the full report, click here.


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