North Hempstead Town Supervisor Jennifer DeSena and the Town Board has announced that the independent Wall Street bond rating agency Moody’s Investors Service has assigned an 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.
