FOR IMMEDIATE RELEASE: March 15, 2018
MEDIA CONTACTS: Carole Trottere, Rebecca Cheng and Vicki DiStefano | (516) 869-7794
Moody's Maintains North Hempstead Aaa Rating
Cites Town’s ‘Strong financial arrangement and conservative budgeting and planning’
North Hempstead, NY – North Hempstead Town Supervisor Judi Bosworth announced today that the independent Wall Street bond rating agency Moody's Investors Service has maintained the Town’s Aaa rating, with a stable outlook. This is Moody’s top rating and the highest rating a municipality can attain. The bond rating agency assigned the Aaa rating to the Town’s $21.8 million Public Improvement Serial Bonds – 2018 Series A. The Aaa rating will continue to save taxpayer dollars, as the Town will likely experience more favorable rates on bonds.
This is the third consecutive affirmation of the Town’s Aaa Moody’s rating. North Hempstead is the only town in Nassau County with a Aaa rating.
Moody’s stated: “The stable outlook reflects the Town’s conservative fiscal management practices, which will support healthy operating performance and maintenance of a strong financial position.”
“I am extremely pleased to see the Town’s fiscally conservative practices and management of the Town’s budget be once again recognized Moody’s with a Aaa rating,” said Supervisor Bosworth. “The Town’s Aaa rating will continue to translate into savings for our hard-working taxpayers.”
“This third consecutive affirmation of our Aaa rating from Moody’s reflects the hard work by this administration and its finance team to keep the Town on a solid financial footing,” said Town Acting Comptroller Jessica Lamendola.
Moody’s also cited:
• Strong financial arrangement marked by conservative budgeting and planning
• The Town’s reserves and liquidity improved in recent years driven by conservative budget management
• The Town actively lowering its total debt burden in recent years
Moody’s also commented on the Town’s economy, stating that “a variety of development projects are underway across the Town’s base, including residential and commercial construction in Port Washington, Garden City Park, Carle Place, Greenvale, Manhasset and Searingtown.”